Chaos

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DOUG  By Guest Blogger Doug Rowat
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Former UK Prime Minister Boris Johnson’s a piece of work.

There were many scandals, of course, that accumulated to finally bring him down this year, but here were the two biggies.

First, he broke his own government’s pandemic lockdown rules and held a “bring your own booze” birthday party for himself in 2020. As it turns out, this was one of many Downing Street parties, which ultimately resulted in the issuing of some 100 plus fines by London police. Some of these parties Johnson himself attended, but subsequently lied to Parliament about attending.

Secondly, and the straw that broke the camel’s back, was Conservative Party whip, Chris Pincher, who got drunk at a private London club and was later accused of groping two men. Bad enough. But it turns out that Boris Johnson knew about the complaints against Pincher but appointed him whip anyways.

Enter new Prime Minister Liz Truss who inherits a UK economy on the brink of recession (if not already mired in one) with inflation (9.9%) running even hotter than in North America and with consumers crippled by energy bills almost three times higher than they were just one year ago.

Truss is the UK’s fourth PM in only six years with the previous three all resigning. Truss herself couldn’t even escape controversy in her first two days in office as the Queen’s death reminded everyone that Truss had in the past called the monarchy a “disgraceful” institution.

So with all the economic and political chaos in the UK this year, surely its equity market is massively underperforming other global markets?

Far from it. To review:

The FTSA 100: a huge outperformer this year

Source: Bloomberg; As of September 13, 2022

Why is the FTSE 100 Index outperforming so strongly? First, the outperforming sectors of consumer staples, energy and health care make up a combined 44% of the Index. Second, the two heaviest-weighted individual stocks in the Index—Shell Plc (#1) and AstraZeneca Plc (#2)—are up 37% and 22%, respectively, year to date. And finally, the information technology sector, a sector that’s been taken to the woodshed this year, has less than a 1% weight in the Index.

The investment lessons here are twofold: 1) always maintain a diversified GLOBAL portfolio and 2) never, ever conflate economic weakness or political chaos with equity-market performance.

Want more proof of the second point? Look no further than hero of the comment section, former President Donald Trump. During his presidency he fired an FBI director, a Secretary of State, an Attorney General, a Defense Secretary, several White House chiefs of staff, several national-security advisors and went through a truckload of press secretaries (anyone remember the less-than-two-week stint of Anthony Scaramucci?).

He also forced a lengthy government shutdown to fund a border wall, was impeached twice, publicly went to war with both the Federal Reserve chairman (who he appointed) and the infectious disease institute director (during a global pandemic no less) and, ultimately, inspired (many would say actively led) an invasion of the US Capitol.

Yet how did the market respond to all this chaos? As I pointed out in a previous blog post —with a remarkable 14.3% annualized return during his four years in office.

$      $      $

Finally, Apple recently launched its new iPhone 14. The reviews have been mixed with perhaps the best criticism coming from Steve Jobs’ daughter, Eve Jobs, who posted the following meme:

Eve Jobs: unimpressed by the new iPhone 14

Source: MacRumors

Whether the iPhone 14’s the smart phone for you is a personal decision, of course, and may largely depend on the age or brand of the model that you currently own, but when making such decisions avoid what author Nassim Taleb (of “Black Swan” fame) calls neomania, which is the obsession with all things shiny and new. Consumers tend to value the modern simply for its own sake and often don’t take the time to determine if ‘the new’ actually holds value. Further, neomania tends to be strongest when it comes to gadgets.

Apple iPhone launches are always thirst traps. But resist. And do your research.

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

 

96 comments ↓

#1 Victor Llearna on 09.17.22 at 9:24 am

Apple Sheep need to learn to just use android phones. Much cheaper and way more useful.

#2 Deaf Ears on 09.17.22 at 9:31 am

Funny you mentioned it, just picked up 2 iPhone 14 Pro’s yesterday for wifey and me at Apple’s Regent Street store in London. 512gb, £1409 each.

But we are for fortunate to not have cost as an obstacle to such things. Judging from the crowds of folks waiting to pick theirs up there are either a lot of very wealthy folks out there or just many who don’t read this blog.

Should point out that comparing the current models to only the previous year is a poor argument, particularly from Jobs’ daughter. Of course improvements are incremental, smartphone development plateaued years ago.

But given the relative longevity of Apple’s phones vs the disposability of most on the Android platform it’s entirely plausible that a large contingent of buyers are moving from older handsets.

Careful what you wish for, if consumers didn’t keep wanting shiny things our entire capitalist paradise could come crashing down lol.

#3 crowdedelevatorfartz on 09.17.22 at 9:41 am

Ponzie’s perfect powder.

Good news for Alberta’s glaciers Ponzie.

https://www.cbc.ca/news/world/typhoon-merbok-aslaska-1.6586507

The Typhoon hitting Alaska is expected to push cold air and moisture into Alberta Tuesday or Wednesday.
Snow is predicted in Calgary.
Hopefully the Calgary Zoo has put all the exotic cats in their cages.

#4 crowdedelevatorfartz on 09.17.22 at 9:52 am

@#2 Deaf ears
“Of course improvements are incremental, smartphone development plateaued years ago.”

++++

Thats why I’m still using my Samsung S7
The phone works, texting works, camera works, the rest, as they say in Scotland.
Is Crap!

#5 Gwertl Farnsten on 09.17.22 at 10:03 am

Garth and team,

Say I am a new client, 500 large to invest and considering your services. I believe we are headed into 10 year bear market. You have 20 seconds to convince me of your ideas. let’s hear your best elevator pitch. . ..go….

We don’t sell, pitch or recruit. No clients are accepted who do not approach us directly and pass vetting with me. You fail. – Garth

#6 Grumpy Panda on 09.17.22 at 10:05 am

Win a Dream Date with Doug! I used say the real job of a newspaper was to sell newspapers. So many people were shocked by that. A sensational headline can work wonders.

#7 ogdoad on 09.17.22 at 10:08 am

Hey, buying the new iphones of the world is what is keeping engineers employed, right? Wheels turning…progression…advancement…needed invention…menial jobs…dupedness…

I bought a chipper, b/c all of the Sunday’s I have wasted pruning my jungle of a yard, has yielded a lot of crap that needs chipping…anyway, blades need removal and sharpening. Cost to do so? More than the chipper is worth.

Testament of human folly/dupedness. Not only do we gravitate towards shiny things, shiny things are as easily acquired as a click of a button – and in most cases, not self repairable…junk…single use…

Stock market rises though! Good for us, right? Wait…right?

I wish all of you happy snuggles today…google says Canadians average 1.35x per week (46-60)…defn intend to beat that stat.

Og

#8 Grumpy Panda on 09.17.22 at 10:14 am

Here’s hoping Garth’s absence is not due to a Thursday night rematch with Pony Tail.

#9 the Jaguar on 09.17.22 at 10:15 am

This is my favourite post yet of Doug’s. The photo of ‘Dumb & Dumber, and especially roasting iphone and its sycophants a little. Apple products are slick, but I prefer Android. I was always wary of ‘slick’.

Not sure what ‘hero of the comments section’ is all about. There have been some comments of support, but he is routinely trashed. Separating the persona from the policy initiatives takes a little thought, but most people just get caught up in all the headlines and are poor listeners.

#10 Shawn on 09.17.22 at 10:34 am

Snow in Calgary?

#3 crowdedelevatorfartz on 09.17.22 at 9:41 am

The Typhoon hitting Alaska is expected to push cold air and moisture into Alberta Tuesday or Wednesday.
Snow is predicted in Calgary.

*********************************
But you can be toasty warm in a new and affordable house anywhere in Alberta as soon as you move here and have a new house built.

Heating costs in Alberta have been extremely low for years. Natural gas has been so cheap that the delivery costs and carbon tax have generally been higher than the charge for the gas itself. The total bill is still WAY lower than is the case for anyone heating with electric baseboards or fuel oil.

Cold is easier to deal with than rain so Vancouver people may want to consider the move to Alberta. Cash in that $2 million house if you have one.

#11 James on 09.17.22 at 10:37 am

Hey crowdedfecalmatter dude –

How about you go to London and join the 17 hour lineup to pay respects to the Queen?

Eat some beans first, then wear a shirt with a big Canadian flag on it. Socialize a lot and say hello to everybody, sure.

This could really help lower immigration levels to Canada and keep our real estate prices lower.

Plus, we’d enjoy some time without you here :)

#12 The Original Jake on 09.17.22 at 10:59 am

I still happily use an iPhone SE 1st gen from 2016. When I tap to pay some cashiers inquisitively ask “what phone is that?” I have no interest to spend 1k to carry a big ipad around in my pocket. I use my phone to make calls and text, not to watch Top Gun. I have a 65″ 4k with surround sound at home for that.

#13 JM on 09.17.22 at 11:08 am

Poor Boris…the storyline for most politicians is the same, there awash with scandals.

Trudeau – Black face + Jody Wilson-Raybould
Biden – Hunter + Incompetent.
Trump – too many to mention.

It’s simply how the game is played.

#14 crowdedelevatorfartz on 09.17.22 at 11:17 am

@#10 Shawn of the Dread

I’ll take rain over blizzards in Sept. every month of the year.

@#11 King James the First.
Standing in a line for 24 hours isn’t my cup of tea.
(I never could understand the appeal of “Boxing Day Sales” lines either.)
Fill your boots. I’ll keep the fire here burning til you get back.
:)

#15 Benetton Grippe on 09.17.22 at 11:26 am

DELETED

#16 Steven Rowlandson on 09.17.22 at 11:28 am

Acid test for politicians.
Do they support any kind of political correctness?
Do they support having government deficits and debt?

Any yes or it is none of your business answer means they should not be on the ballot or allowed in a government.

#17 rampant inflation on 09.17.22 at 11:29 am

ytd the FTSE 100 is negative. normalize all those foreign indexes to the USD that you are comparing. the EURO, YEN, LOONIE, GBP have all collapsed this year.
i’ve included dividends for total return comparisons.

FTSE -13%
NIkkei -23%
TSX -12%
DAX -34%
CAC -24%

so. no, your point isn’t valid.

#18 crowdedelevatorfartz on 09.17.22 at 11:37 am

Who needs the latest version of Smartphone when you can have a hove bike.

https://www.google.ca/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwi_vcCLk5z6AhUlL30KHfirAbUQvOMEKAB6BAgDEAE&url=https%3A%2F%2Fwww.euronews.com%2Fnext%2F2022%2F09%2F16%2Fthis-japanese-start-up-has-designed-a-high-speed-motorcycle-that-can-fly-for-40-minutes&usg=AOvVaw1yROJ3ElwedrrW4O46fNhk

$800k and it’s yours

#19 TurnerNation on 09.17.22 at 11:38 am

Oh hey today’s photo is of two actors. An entertainment theme. Two empty suit goofballs. On the world stage. Government Actors. We got one of those for PM too yes?

ACTORS, all of ’em. Once you get this, the world becomes understandable.

https://www.imdb.com/name/nm1296124/
Boris Johnson (I)
Boris Johnson was born on June 19, 1964 in New York City, New York, USA. He is an actor, known for Have I Got News for You (1990), EastEnders (1985) and PMQs (2010

—————–
Say did you know that Boris Johnson’s pa wrote a book?
I mean what are the chances…that his actor son became PM and presided over just that. I mean what are the chances.

https://www.amazon.com/gp/product/B00S59990A
From renowned British politician Stanley Johnson, an exciting, intelligent thriller about the rise of a mysterious virus and one man’s fight to stop a deadly pandemic

#20 tbone on 09.17.22 at 11:43 am

I never owned my own cell phone until a few years ago.
Always had a company android phone and then they switched to iphones. Didnt want one but not my choice.
Glad they did as i like it and purchased my own when i quit.
Im like Jake, as i cant listen to music or watch anything on it .
I have a few other options .

#21 TurnerNation on 09.17.22 at 11:51 am

No excuses. The internet is a double sided sword.
The truth is but one click away.
Yet brainwashed Kanadians can repeat only what their TeeVee told them. March 2020 the curtain fell. Learn who these people are and why they are doing what they do to us.

Anyway back to the investments.
The Everything Bear market?
Past two weeks brings all redness.
– Housing
– Craptocurrencies eg BTC
– Commodities: gold, natural gas, oil, copper.
– All indicies, every sector I follow a dozen US ETFs.
– US Treasury Blondes.

#22 Don Guillermo on 09.17.22 at 11:51 am

Faron
Love my kobo. Makes me think of the transition to digital cameras when the film die-hards, myself included, would complain about the lack of feel in the new tech. But, man, having the capacity for thousands of books on an e-ink screen beats feel any day of the week IMO. I’m only 15 years late.
@@@@@@@@@@@
I’ve been wearing thick glasses since I was 6 yo. My old eyes appreciate the comfort of adjusting font size and lighting contrast on eReaders. The amount of books you can cart around and being able to comfortably read in bright sunlight or full darkness makes it perfect for travel.
——
#1 Victor Llearna on 09.17.22 at 9:24 am
Apple Sheep need to learn to just use android phones. Much cheaper and way more useful.
######
I used to use Samsung but some years ago I bought a OnePlus 6 (Chinese). The motivation was it could carry dual SIM cards. Loved it. I’d have my Mexican # and my Canadian # on one device. I upgraded this summer to OnePlus 10 pro. When setting it up I quickly realized it only had a slot for one SIM. I called the help line and they explained that they were pressured by NA carriers to eliminate this feature. I wouldn’t be surprised if they still allowed dial SIM option in Europe. You used to be able to buy the Samsung in Europe with dual option but not in NA.

#23 Doug Rowat on 09.17.22 at 12:01 pm

#12 The Original Jake on 09.17.22 at 10:59 am
I still happily use an iPhone SE 1st gen from 2016. When I tap to pay some cashiers inquisitively ask “what phone is that?” I have no interest to spend 1k to carry a big ipad around in my pocket.

—-

For the highest-end model, closer to $2,400.

https://www.nukeni.com/en/apple/iphone/iphone14-pro-max#tabmenu

—Doug

#24 ogdoad on 09.17.22 at 12:02 pm

#5 Gwertl Farnsten on 09.17.22 at 10:03 am

We don’t sell, pitch or recruit. No clients are accepted who do not approach us directly and pass vetting with me. You fail. – Garth

:):):):):)

How could anybody not like this blog?

Og

#25 The Original Jake on 09.17.22 at 12:08 pm

#20 tbone on 09.17.22 at 11:43 am
“Im like Jake, as i cant listen to music or watch anything on it .
I have a few other options .”

Well, I use my SE 2016 for bluetoothing music all the time. Works great just as any new 1k+ phone. It seems like having a new phone is more of a status symbol these days which is what Doug was implying.

#26 Doug Rowat on 09.17.22 at 12:19 pm

#17 rampant inflation on 09.17.22 at 11:29 am
ytd the FTSE 100 is negative. normalize all those foreign indexes to the USD that you are comparing. the EURO, YEN, LOONIE, GBP have all collapsed this year.
i’ve included dividends for total return comparisons.

FTSE -13%
NIkkei -23%
TSX -12%
DAX -34%
CAC -24%

so. no, your point isn’t valid.

—-

All I claimed was outperformance. Read more carefully.

Setting aside that adjusting to US$ is arbitrary, this is still massive FTSE 100 outperformance.

—Doug

#27 Tasty Treasures on 09.17.22 at 12:35 pm

Is there any correlation between the length of a bear market and the strength of a recovery? If I’m not mistaken, this bear market is approaching the historical average so if we keep limping along, this will be a notably long bear market. Hoping there is a bit of a spring loaded recovery building up and we can finally get past the snoring 20’s and get on with the roaring.

#28 Wrk.dover on 09.17.22 at 12:39 pm

Best Global argument I have ever seen, Doug!
Thanks.

We have not one, but two push-button-phones with curly wires hooked to the wall, in separate rooms.

Luxurious.

Especially the part when we are not home, but abroad.

#29 Flop… on 09.17.22 at 12:48 pm

I’ll caption the photo.

Trump to Boris.

Man, I thought we Americans had it good with our Triple Cheese Burgers, but then you Brits took The Obesity Games to the next level by deep frying everything that wasn’t bolted down…

M48BC

#30 Sailedaway on 09.17.22 at 12:56 pm

#19. Confusing Boris Johnson for a fool is a mistake many people have made. I recommend reading his book about the story of London. He was also the first western leader to go to Ukraine whilst Justin was pandering to the latest woke claptrap.

I’m so fed up with the attitude, at least the UK is doing something for its plebs instead of taxing them to socialism. And at least it’s doing something for the European continent instead of sending away its allies like Germany. I still don’t understand why such a farcical twerp like you hasn’t been banned from this blog…

#31 Faron on 09.17.22 at 1:02 pm

#61 Ponzius Pilatus on 09.16.22 at 9:34 pm

I’m sensitive to that kind of language because I’ve dealt with it in media interviews regularly. But, point taken.

I’ll add that since the original climate projections in the ’90s, we’ve been skating along the high edge (worse case) projection envelope. That’s 30 years, not 5. Projecting the economic pathway is a huge uncertainty, but let ‘er rip has been the correct path.

#32 Nonplused on 09.17.22 at 1:04 pm

The topic is… wait, what? iPhones? I guess they are getting expensive enough to become a major financial topic. What would the total major expenses be these days? Housing of course, followed by transportation and then probably food, but I wouldn’t be surprised if digital electronics is now solidly 4th, especially once you count all your monthlies. Energy of course sneaks in to all of those but I don’t know if it should be broken out separately. Is the cost to heat a house separate from or part of the cost to own a home?

#33 Faron on 09.17.22 at 1:06 pm

#4 crowdedelevatorfartz on 09.17.22 at 9:52 am
@#2 Deaf ears

Thats why I’m still using my Samsung S7
The phone works, texting works, camera works, the rest, as they say in Scotland.
Is Crap!

Just upgraded to an S10 from an S7. Samsung cameras are killer. Refurb from Best Buy came with the factory film and in perfect condition. $200. 3 year old top end phones are the ticket.

#34 Deaf Ears on 09.17.22 at 1:19 pm

#22 Don Guillermo on 09.17.22 at 11:51 am

I used to use Samsung but some years ago I bought a OnePlus 6 (Chinese). The motivation was it could carry dual SIM cards. Loved it. I’d have my Mexican # and my Canadian # on one device. I upgraded this summer to OnePlus 10 pro. When setting it up I quickly realized it only had a slot for one SIM. I called the help line and they explained that they were pressured by NA carriers to eliminate this feature. I wouldn’t be surprised if they still allowed dial SIM option in Europe. You used to be able to buy the Samsung in Europe with dual option but not in NA.

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

That’s one reason we bought non-US versions even though they’re cheaper in America – UK ones still have the sim tray albeit only one (plus support for e-sims). Lots of places still using physical sims and we travel a lot.

E-sim is definitely the way of the future though, no technical reason to have a physical card at all. All those little vendors in Mexico etc could just as easily sell pieces of cardboard with numbers on them the same way they sell prepaid phone cards. Just needs a behemoth like Apple to get the ball rolling.

#35 baloney Sandwitch on 09.17.22 at 1:22 pm

Good note today.
UK stocks are a great deal and are set to return 10% per annum for the next decade. If you follow the Buffett indicator i.e., total market cap (TMC) relative to GDP plus Total Assets of Central Bank – which Buffett has called the single best indicator for the stock market.
https://www.gurufocus.com/global-market-valuation.php?
Re: Apple – I still have a iphone8 and am perfectly happy with it. Be careful about upgrading the OS (though apple bugs you constantly). The OS steadily becomes bigger and the phone slower. It’s basically obsolescence by design which forces you to upgrade.

#36 rampant inflation on 09.17.22 at 1:24 pm

Setting aside that adjusting to US$ is arbitrary, this is still massive FTSE 100 outperformance. —Doug
________________________________

arbitrary? to measure performance all in the same currency? of course currency matters. or else we’d all be investing in Turkey and Argentina.

#37 Dr V on 09.17.22 at 1:29 pm

73 GT

You have provided an excellent summary of what is
actually required to make meaningful reductions is carbon emissions

Provincial energy profiles here. Note the huge reliance on fossil fuels

https://www.cer-rec.gc.ca/en/data-analysis/energy-markets/provincial-territorial-energy-profiles/provincial-territorial-energy-profiles-canada.html

GHG emissions by economic sector. Supports your
figures

https://ourworldindata.org/emissions-by-sector

I cannot locate the CBC article which covered David
Suzuki’s cross Canada trip in an EV. In his conclusion, Suzuki noted the real key was to ban private vehicle ownership. I have scanned other articles covering the trip but they do not mention this.

The changes required for carbon free or net-zero are life changing. Where we live and in what we live, how we move about, what we eat, work and leisure – everything.
My best anology from a socioeconomic perspective is a world war lasting decades, it will be that disruptive.

#38 T on 09.17.22 at 1:41 pm

A portfolio manager giving IT advice. Priceless.

You might want to stay in your lane.

#39 Dr V on 09.17.22 at 1:58 pm

4 fartz

“The phone works, texting works, camera works…”

—————————————————

Your last flip phone did that.

#40 Doug Rowat on 09.17.22 at 2:00 pm

#36 rampant inflation on 09.17.22 at 1:24 pm
Setting aside that adjusting to US$ is arbitrary, this is still massive FTSE 100 outperformance. —Doug
________________________________

arbitrary? to measure performance all in the same currency? of course currency matters. or else we’d all be investing in Turkey and Argentina.

—-

You spent your Saturday morning adjusting performance to US$ only to prove my point that the FTSE 100 is an outperforming index. Brilliant.

—Doug

#41 Shawn on 09.17.22 at 2:19 pm

Don’t Misquote Warren Buffett please

#35 baloney Sandwitch on 09.17.22 at 1:22 pm
Good note today.

UK stocks are a great deal and are set to return 10% per annum for the next decade. If you follow the Buffett indicator i.e., total market cap (TMC) relative to GDP plus Total Assets of Central Bank – which Buffett has called the single best indicator for the stock market.

********************************
As your link confirms Buffett said the indicator was total market cap to GNP. He said NOTHING about central bank assets.

Also, he gave that indicator in his December 2001 articles in Fortune Magazine (which was a follow up to his 1999 article that correctly indicated that stock investors at that time had unrealistically high return expectations.) Here is specifically what Buffett said in December 2001:

“On a macro basis, quantification doesn’t have to be complicated at all. Below is a chart, starting almost 80 years ago and really quite fundamental in what it says. The chart shows the market value of all publicly traded securities as a percentage of the country’s business–that is, as a percentage of GNP. The ratio has certain limitations in telling you what you need to know. Still, it is probably the best single measure of where valuations stand at any given moment. And as you can see, nearly two years ago the ratio rose to an unprecedented level. That should have been a very strong warning signal”

To my knowledge, and I follow him closely, he has not again mentioned that indicator in the last 20 years.

He also said it had limitations. I wondered at the time if the limitation included that the market cap includes many companies with vast operations outside of the U.S. so not in U.S. GDP. But maybe GNP covers that.

Bottom line, never misquote Buffett or trust those giving his views. Go to his own words. And be careful of an indicator he has not mentioned in I think 20 years and which uses GNP not GDP. How different are those two, I don’t know.

That said, you may well be right that UK stocks are cheap. I just keyed in on the misquote of what Buffett said, as I knew he said nothing about central bank assets in his indicator.

BTW, I am pretty much an authority on Buffett.

#42 crowdedelevatorfartz on 09.17.22 at 2:22 pm

@#33 Faron.
“Just upgraded to an S10 from an S7. Samsung cameras are killer. Refurb from Best Buy came with the factory film and in perfect condition. $200. 3 year old top end phones are the ticket.”

++++
Yep.
A few (5) years back I dropped the phone and clip that holds it on my belt broke.
I went to the Telus store where I bought it a few years earlier.
Just to buy a holster clip.
“You have to buy a new phone.”
Incredulous, I burst out laughing.
“Nice try” and walked out.
Ordered a new clip on line.
$20 bucks.
2 years ago the mother board froze and the phone kept trying to reboot.
I took it to a “hole in the wall” smart phone repair store.
The guy had a couple of old S7 motherboards.
He downloaded all my crap onto the “new” motherboard, doubled the size of the memory card and “poof” $125 later.
My “new” twice as powerful S7 is working fine.

$1000, $2000 for a fricken phone with a better camera and more app crap that I will never use. …..?
Insanity.

#43 Faron on 09.17.22 at 2:26 pm

#37 Dr V on 09.17.22 at 1:29 pm
73 GT

, it will be that disruptive

Fully agree that what’s needed is a massive reorg. It doesn’t help to blame, but I’ll do it anyway: the reason it has to be this abrupt is because of severe foot-dragging from the right that cost two decades we didn’t have.

It also allowed two decades of economic explosiveness with no payment of the carbon externalities. That was lost revenue that could have paid for a massive chunk of what needs to be done. Instead we’ve seen eye watering payouts to the 1%.

Maybe like a world war in scale but vastly different in important ways:

1) constructive production. Meaning we won’t be making planes to be shot down and scrapped months later. What it built will be lasting and also improve economic efficiency. Consider a 1 hour commute by single driver car. Where that is replaced by Euro style rail that hour each way will either be leisure or work and will contribute to betterment of society. Canadians live in cities but pretend they don’t. It’s BS.

2) tens of millions won’t be killed in the process.

3) consider the economic explosion that happens on the heels of WW2 owing to the economic capacity that was built. A “green” revolution would be no different.

Etc. A huge task, but using the size as a reason not to start is yet another foot drag from the right. Time to get on with it. For one, Victoria need light rail to Langford and the airport and ferry terminals. A no brainer.

#44 Doug Rowat on 09.17.22 at 2:26 pm

#38 T on 09.17.22 at 1:41 pm
A portfolio manager giving IT advice. Priceless.

You might want to stay in your lane.

—-

I didn’t recommend anything. You don’t do research before forking over 2 grand?

—Doug

#45 crowdedelevatorfartz on 09.17.22 at 2:34 pm

@#39 Dr V
“Your last flip phone did that.”
+++
Texting on the old style flip phones was a nightmare.
I see Samsung has changed to a new “flip phone” smart phone in their latest ads.

https://www.googleadservices.com/pagead/aclk?sa=L&ai=DChcSEwj71YWpu5z6AhWxbm8EHbf-D2MYABATGgJqZg&ohost=www.google.com&cid=CAESbeD2Py_OFlg5MEwGG_oSIfeE06eRu_2ucrDt4JSwXsDW515UunJz7Q1lAw8-s-QLZkCDT01O-g6Zbna3ugRu0h7Wxlb2yxs07DNFXqIvr9UyLYrZHmJl1hvBFoqC8vLsDXcpzPVmAsLxAzBl9ZM&sig=AOD64_1K7ABq67lq6plSQ5DjtrgS_o6Z_A&q&adurl&ved=2ahUKEwi_gv2ou5z6AhWhJH0KHcXEA3MQ0Qx6BAgHEAE

What’s old is new again.
The brats must be tiring of trying to fit a phone the size of a paperback novel in their skinny jeans.

I’ll keep using my S7 until either it or I… die.

#46 Linda on 09.17.22 at 2:44 pm

The blog photo of today is quite eye catching. Had not previously known how much Boris & Donald resemble one another in appearance & not just behavior.

While I feel sympathy for those in the UK whose energy bills have skyrocketed, I have to say was surprised at how little they had been paying previously. I had been under the impression they had been paying a lot more than us North Americans yet figures being quoted made it look like they had actually been paying maybe half of what we do here. Of course, there are a lot more folks living in the UK – I think their population is north of 60 million – so makes some sense that so many more customers would keep the overall cost per person to a somewhat lower amount.

#47 Squire on 09.17.22 at 2:54 pm

#1 Victor Llearna on 09.17.22 at 9:24 am
Apple Sheep need to learn to just use android phones. Much cheaper and way more useful.
——————————————
I’ll take my Samsung hands down over the iphone. And yes, I’ve had both before.

#48 Tom from Mississauga on 09.17.22 at 3:00 pm

Good people don’t want to run for office anymore, eh? Main thing with Truss deregulation of fracking, can we do the same?

#49 Reality is stark on 09.17.22 at 3:08 pm

Don’t forget currency considerations.
Poorly run governments normally suffer currency degradation.
If you were considering adding to your US holdings because you thought Boris was a dunce and underweighting your UK holdings during the period in question your actual returns may not look quite as bad as the chart indicates.

#50 Dr V on 09.17.22 at 3:15 pm

“1) always maintain a diversified GLOBAL portfolio…”
————————————————–

Yes indeed. Have a question. Is it better to hold US and int’l dividend income fund in non-reg or TFSA?

My basic understanding is that you can get tax credits for withholding taxes in US and some other countries (but may still owe tax in Canada) in the non-reg. These credits would be lost in a TFSA but no additional tax would be owing in Canada.

Have I got that basic premise correct? Trying to keep retirement income to $50k max each, but could spill over to the next bracket at 28% marginal rate.

Thanks for any advice/opinions.

#51 Flop… on 09.17.22 at 3:29 pm

Been in my b-grade government job for about 16 months.

Just the other day they told me to come in and get a new iPhone, my second in a short time.

I do use my phone at work, the iPad they gave me, I just use to annoy Garth Turner.

I only just was getting used to the other one, got all the information transferred over, slimmer, lighter, different protecting case because the new one had more cameras.

Just went and looked at the box now, says it’s an 11, refurbished, I don’t know, everything was still in the packaging with no visible markings.

Apple IPhone is up to 14?

When I get a free new phone every year, I say it’s a 10…

M48BC

#52 Søren Angst on 09.17.22 at 3:34 pm

Chris Pincher last seen at the

Queens thighs, Kings hands pub.

#53 Faron on 09.17.22 at 3:36 pm

#42 crowdedelevatorfartz on 09.17.22 at 2:22 pm

Nice. Good point that the older models are more repairable. I had an S7 Active — the rugged version with a huge battery. Thing was a tank.

Also: phone cameras really haven’t changed much in terms of what people use them for.

#54 Rook on 09.17.22 at 3:40 pm

Speaking of BoJo, don’t forget that Russia and Ukraine (allegedly) had a tentative plan in place back in March for a negotiated settlement, until BoJo (allegedly) showed up, and (allegedly) said not to do it because the West didn’t want it (allegedly).

Wonder what the world would look like today if he (allegedly) hadn’t stuck his nose in?

#55 The joy of steerage on 09.17.22 at 3:53 pm

So naturally you were overweight the UK and underweight Germany….

#56 Flop… on 09.17.22 at 4:13 pm

Uncle Crowdie, stop wrestling with the greenies about global warming, you are needed back in the wheelhouse…

M48BC

————————————————-

“Take a poop to ‘assert ownership’ during eviction, says Vancouver city council candidate.

Royal Pacific Realty representative Morning Lee, an NPA Vancouver candidate, had some questionable advice for property owners faced with an eviction process.”

https://www.burnabynow.com/bc-news/take-a-poop-to-assert-ownership-during-eviction-says-vancouver-city-council-candidate-5833670

#57 DC on 09.17.22 at 4:20 pm

Trudeau – Black face + Jody Wilson-Raybould
Biden – Hunter + Incompetent.
Trump – too many to mention.

——————————-

Ummmm. Re: Mr. Trudeau. I think you missed a few.

DC

#58 Don Guillermo on 09.17.22 at 4:38 pm

#53 Faron on 09.17.22 at 3:36 pm
#42 crowdedelevatorfartz on 09.17.22 at 2:22 pm

Nice. Good point that the older models are more repairable. I had an S7 Active — the rugged version with a huge battery. Thing was a tank.

Also: phone cameras really haven’t changed much in terms of what people use them for.
########
Not sure I agree. I thought my last phone camera was as good as it gets. This new one blows it away. I say it’s a camera that sometimes talks to people.

#59 crowdedelevatorfartz on 09.17.22 at 4:38 pm

@#56 Floppie
“Royal Pacific Realty representative Morning Lee, an NPA Vancouver candidate, had some questionable advice for property owners faced with an eviction process.”

https://www.burnabynow.com/bc-news/take-a-poop-to-assert-ownership-during-eviction-says-vancouver-city-council-candidate-5833670

+++
I think that Realtors advice is….crap.

#60 Mr Big on 09.17.22 at 4:45 pm

Trump cut corp taxes majorly while central banks created 80% of all currency in circulation which pumped the NYSE bigly.

It was the MSM cray-cray fear antics about too many things that were the blaring noise that no one shouldn’t have paid any attention to.

#61 Flop… on 09.17.22 at 4:50 pm

I don’t bother using the microwave to cook dinner anymore.

I just put my iPhone on my frozen dinner for 5 minutes instead…

M48BC

—————————————————————-

How Much Radiation is Emitted by Popular Smartphones?

https://www.visualcapitalist.com/radiation-emissions-of-popular-smartphones/

#62 Quintilian on 09.17.22 at 5:19 pm

“Yet how did the market respond to all this chaos?”

Nutbar conservatives in charge of the government is nothing new, or of any long-lasting consequences, what has been more impactful, in connection with markets is the negative interest rates.

Yes it works, steal from the grannies, and facilitate speculation and create asset bubbles.

#63 DON on 09.17.22 at 6:03 pm

“Former UK Prime Minister Boris Johnson’s a piece of work.”

You are being tooooo kind. His backers should be charged with treason against humanity and sanity.

Look at the picture…Trump can’t even believe it, he looks like he’s trying to hold back an uncontrollable gut laugh. The empire has truly fallen.

#64 DON on 09.17.22 at 6:08 pm

#59 crowdedelevatorfartz on 09.17.22 at 4:38 pm
@#56 Floppie
“Royal Pacific Realty representative Morning Lee, an NPA Vancouver candidate, had some questionable advice for property owners faced with an eviction process.”

https://www.burnabynow.com/bc-news/take-a-poop-to-assert-ownership-during-eviction-says-vancouver-city-council-candidate-5833670

+++
I think that Realtors advice is….crap.

*******
Kinda scary thinking about having realtors represent residents on Council. YIKES!

#65 Wrk.dover on 09.17.22 at 6:13 pm

#42 crowdedelevatorfartz on 09.17.22 at 2:22 pm
$1000, $2000 for a fricken phone with a better camera and more app crap that I will never use. …..?
Insanity.
______________________________________
Last month I read the Steve Jobs biography.

His teen year were full of awesome mentorship by wonderful people, in an incredible community situation.

Then, he became full-on Shyster.

Help nobody, just ensnare the marketplace.

Die filthy stinking rich.

#66 wallflower on 09.17.22 at 6:17 pm

K I have got my swag brag on right now.
2015 LG device.
Love it.
As more and more apps drop from being supported, I get more entrenched and grittier about hanging on.

#67 DON on 09.17.22 at 6:19 pm

As for Liz Truss

https://uk.news.yahoo.com/liz-truss-mocked-geography-gaffe-154259362.html

Back then I had a bad gut feeling she would be the next PM. Like watching an airplane crash in slow motion. God help the UK.

#68 Ponzius Pilatus on 09.17.22 at 6:19 pm

#37 Dr.

The changes required for carbon free or net-zero are life changing. Where we live and in what we live, how we move about, what we eat, work and leisure – everything.
My best anology from a socioeconomic perspective is a world war lasting decades, it will be that disruptive.
————
It does not have to be.
Certainly for North America is will be a gigantic task.
But, if we start being serious about it, we could manage a “soft landing”.
A serious lack of modern high speed public transportation is a serious handicap.
And, of course the public mindset about energy consumtion and waste has to change drastically.
The good thing is that well see a dress rehearsal this winter in Europe.
Hope we learn the lessons from that experiment.
Personally, I’m not too optimistic.

#69 ulsterman on 09.17.22 at 6:48 pm

Following on from yesterday’s commuted pension discussion:

I’m fortunate to have a BC teacher defined benefit pension. I contribute $11,000/year to it and if i retire at 61 (earliest non-reduced with 32 years of work) it will pay approximately $4600/month. This drops to $3965 when i turn 65 and CPP kicks in.

I considered commuting the pension in late 2020 when interest rates hit their absurd lows, because i was aware of the relationship between commuted value and interest rates. However, the pension fund would not give me even an approximation as to the commuted value. They said i have to quit teaching, wait six months, then they would tell me the commuted value of the pension.

My only alternative was to pay an actuarial company about $800 for an estimated value. I never did it and probably missed my best chance of maximizing value, as rates have risen considerably. I’m well aware of the risks of managing my own lump sum, however, i want to be able to grow the asset in retirement through dividend investing and pass the asset on to my children rather than see the benefits die with me or my spouse.

#70 SW on 09.17.22 at 6:50 pm

That joke is hilarious. I personally would be embarrassed to buy an iPhone 14. Biggest rip off, almost beats Canadian real estate.

#71 ulsterman on 09.17.22 at 6:52 pm

Finally, Apple recently launched its new iPhone 14. The reviews have been mixed with perhaps the best criticism coming from Steve Jobs’ daughter, Eve Jobs, who posted the following meme:

Eve Jobs: unimpressed by the new iPhone 14

Once i see Eve Jobs’ list of amazing accomplishments in life, I’ll take her criticisms of Apple’s performance more seriously.

#72 Ponzius Pilatus on 09.17.22 at 7:22 pm

#71 ulsterman on 09.17.22 at 6:52 pm
Finally, Apple recently launched its new iPhone 14. The reviews have been mixed with perhaps the best criticism coming from Steve Jobs’ daughter, Eve Jobs, who posted the following meme:

Eve Jobs: unimpressed by the new iPhone 14

Once i see Eve Jobs’ list of amazing accomplishments in life, I’ll take her criticisms of Apple’s performance more seriously.
—————
IPhone 14
Is like Tom cruise and Mission Impossible.
Running out of new ways to milk the customers.

#73 Shawn on 09.17.22 at 7:22 pm

#69 ulsterman on 09.17.22 at 6:48 pm
Following on from yesterday’s commuted pension discussion:

I’m fortunate to have a BC teacher defined benefit pension. I contribute $11,000/year to it and if i retire at 61 (earliest non-reduced with 32 years of work) it will pay approximately $4600/month. This drops to $3965 when i turn 65 and CPP kicks in.

I considered commuting the pension in late 2020 when interest rates hit their absurd lows, because i was aware of the relationship between commuted value and interest rates. However, the pension fund would not give me even an approximation as to the commuted value. They said i have to quit teaching, wait six months, then they would tell me the commuted value of the pension.

My only alternative was to pay an actuarial company about $800 for an estimated value. I never did it and probably missed my best chance of maximizing value, as rates have risen considerably. I’m well aware of the risks of managing my own lump sum, however, i want to be able to grow the asset in retirement through dividend investing and pass the asset on to my children rather than see the benefits die with me or my spouse.

***********************************
Most Canadians would love to have a pension like yours. If you want to leave an estate to your children (who will probably be retired at the time both you and their mother are dead) do it with non-pension assets.

Most successful children will tell you that they will want and need nothing from an inheritance.

#74 Nora Lenderby on 09.17.22 at 9:02 pm

#16 Steven Rowlandson on 09.17.22 at 11:28 am
“Acid test for politicians.
Do they support any kind of political correctness?…”

You didn’t read the memo. The approved term is “woke”.

As for me, I think there’s a lot of people acting out, going crazy being silly. I prefer them to be kind and polite to one another. There’s a fella in my neighbourhood who expresses a seriously perverse interest in Mr. Trudeau and he’s not afraid to proclaim his physical intentions, sigh.

#75 Doug t on 09.17.22 at 11:09 pm

IPhones ……..God these things may go down in history as the beginning of the end

#76 Mordko on 09.18.22 at 12:48 am

You are comparing apples and pears. GBP dropped 12% vs CAD YTD.

If you were to measure stockmarket performance using the same yardstick, FTSE100 did worse than TSX.

#77 cuke and tomato picker on 09.18.22 at 12:48 am

Number 69 I have been collecting my BCTF pension for
20 and a half years and it is great with medical, extended
health and we went for the enhanced dental. We were fortunate to have a business that operated in the south Okanagan from July 1st to Labor Day weekend.
We now live the charmed life on south Vancouver Island.

#78 Blobby on 09.18.22 at 2:37 am

@#48 – Tom from missusomethingoranother

Fracking in the uk is pointless. They don’t have the same geography as Northern America. All they’re going to do is produce more pollution and not a lot else.

#79 Diamond Dog on 09.18.22 at 3:54 am

The FTE hasn’t left a crater like the rest Doug, but the pound has under performed. The British pound has dropped from 1.75 Canadian to 1.51.5 Canadian year over year. When currencies are factored in, the FTE unfortunately isn’t so shiny unfortunately (15% drop?):

https://www.xe.com/currencycharts/?from=GBP&to=CAD

It’s a tough year overall for world markets and macro in general with inflation romping and rates popping. There have been some bright spots such as commodities and one can’t rule out the thrill of discovery and ingenuity meaning world markets deserve a watchful eye, but there is so much room for improvement with everything and as you’ve spelled out Doug, there are obvious leadership voids. It’s all one giant lesson in risk.

One of the top risks with moving money into world markets is currency exchanges. Currency favors the U.S. markets until the Fed stops raising rates in theory until some time early next year. Currency favors Canadian markets until commodities weaken.

Now commodities are an interesting take. I see chronic under investment in mining and energy playing itself out in stronger prices even through the backdrop of world recession as world populations and middle class’s grow ever higher. War in Europe only further strengthens commodity prices through the mid term, potentially for the rest of this decade. I see nat gas prices and demand remaining high through this decade and little weakness in oil. We could see shortages in both in this decade, even with oil in the advent of EV’s hitting the road en masse.

As for metals, look no further than the LME itself. It was bought out 8 years ago by a Chinese pool of insiders. We think the system isn’t rigged by billionaires, this year in the LME we saw 5,000 Nickel trades count for nothing because the largest shareholder of the largest Nickel producer, also from China, stood to lose a couple billion on shorts.

Basically, after a run up in Nickel prices, this dude “big shot”, pressured the LME to disallow all Nickel trades for a full day of trades and 2 weeks of halted trades so he could get out of paying out his shorts:

https://www.multipie.co/blog/multipie-weekly/the-nickel-trade-a-chinese-billionaire-and-a-big-short-trade/

Now… I shouldn’t have to get into the nuances of just how many kinds of wrong that is, but it happened and it throws into question how honest trading has been at the LME these last 8 years since Chinese ownership. Has there been active, long term price fixing at the exchange?

The LME has lost integrity over this Nickel fiasco without question and it opens the door to speculation of insider trading, price fixing… and if price fixing has occurred over a multi year cycle (the Chinese would benefit the most from fixing prices down after all), we have the recipe for a commodity super cycle due to chronic under development regardless of who owns and controls the LME, or domestic Chinese demand for metal imports.

It’s all “if then’s” and who really knows, but one thing for sure is inventories are falling specific to the disruptions of sanctions and supply lines from the war in Ukraine and one would think that pricing is doing a wait see with world recession and demand, but with the flaky leadership not just with the public side but with our corps and exchanges, one never knows:

If we look at base metals, Nickel stocks are flirting with all time lows:

http://www.kitcometals.com/charts/nickel_historical_large.html#lmestocks_5years

Zinc is close, even though steel prices are in the basement:

http://www.kitcometals.com/charts/zinc_historical_large.html#lmestocks_5years

Physical lead stocks appear to be at an all time low in this millenium:

http://www.kitcometals.com/charts/lead_historical_large.html#lmestocks_5years

Aluminum tonnage is trying to recover, but could be a dead cat bounce from an all time low:

http://www.kitcometals.com/charts/aluminum_historical_large.html#lmestocks_5years

Copper is a yoyo near all time lows:

http://www.kitcometals.com/charts/copper_historical_large.html#lmestocks_5years

We see inventory dropping with base metals to tight levels and what are prices doing, are they responding in kind? There is a tremendous uncertainty in base metals right now as a world recession looms, which in normal times would crater demand, but there is also supply and one thing is certain. Sanctions against Russia are here for years. The over under on sanctions is likely at least the rest of the 20’s regardless of the outcome in the war in Ukraine or how long Putin lasts. Russians seem to have a love for strong men, so… as they say, you can’t fix stupid.

For example, Russia is building a pipeline through Mongolia now to supply China with the same volume of gas and size pipe as Nord Stream 1:

https://www.theguardian.com/business/2022/sep/02/nord-stream-1-gazprom-announces-indefinite-shutdown-of-pipeline

Gazprom was behind Nord Stream 1 & 2 ok, the same Russian gas corp behind this new pipeline to China:

https://www.mongoliaweekly.org/post/russia-s-pipeline-project-across-mongolia-is-picking-up-steam

What Russia has effectively done is cut off gas to Europe with a plan to re-sell it to China. Once that pipeline is built, Gazprom may not have the volumes of gas in the future to supply both China and Europe if they wanted to. These are decisions that become difficult to impossible to walk back as time rolls on, even with Putin removed from power.

#80 You All Disgust Me on 09.18.22 at 7:54 am

honestly the “i’m so frugal/cheap/poor I use some old POS phone” dorks are even more annoying than the “lookit my shiny new iThing” bunch.

The former certainly does outnumber the latter here hahaha!

If someone has the means to purchase something they desire, why hate on em?

Oh right, because you’re a loser and sneering is free.

#81 iPhone on 09.18.22 at 8:20 am

Indeed, resist.

My favourite iPhone is the original SE. It does all it has to with a very capable CPU. It is small and fits everywhere. It is light, I think lightest good iPhone at only 113gr or 4 oz – an ounce lighter than 13 mini.

I agree that we need to stop consuming so damn quick. The workers putting these things together 12 hours a day living in a place surrounded by nets so they can’t take their depressing lives. I’m betting they can’t afford that new iPhone 14, on which Apple makes a decent 45% margin after all costs.

#82 Green Park on 09.18.22 at 8:36 am

#65 Wrk.dover on 09.17.22 at 6:13 pm
#42 crowdedelevatorfartz on 09.17.22 at 2:22 pm
$1000, $2000 for a fricken phone with a better camera and more app crap that I will never use. …..?
Insanity.
______________________________________
Last month I read the Steve Jobs biography.

His teen year were full of awesome mentorship by wonderful people, in an incredible community situation.

Then, he became full-on Shyster.

Help nobody, just ensnare the marketplace.

Die filthy stinking rich.

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

Well, better than you I suppose, who will do the exactly the same but without the rich part.

Jobs was far from perfect but just like the other arch-villains Bezos and Musk he/does did more in a week than you did in a lifetime.

Try to come to grips with that, you will be happier.

#83 Dharma Bum on 09.18.22 at 9:41 am

Whatever happened to phone booths, quarters, and pagers?

You know. The good old days!!!

Hahahahaha…I remember renting a pager from a company called “Baby Beepers” when my wife was 8-1/2 months pregnant with our first kid.

Proudly wore it clipped to my belt.

Back in the 80’s man.

We were so cool.

Yuppie freaks.

#84 crowdedelevatorfartz on 09.18.22 at 10:02 am

@69 Ulsterman
“I’m fortunate to have a BC teacher defined benefit pension. I contribute $11,000/year to it and if i retire at 61 (earliest non-reduced with 32 years of work) it will pay approximately $4600/month”

+++
I’m always amazed at Teachers, Nurses, govt employees, etc etc etc.
That blow a gasket when I suggest that … “their pensions are subsidized by the taxpayer…”

+++

“contribute $11,000/year( $915/month)……it will pay approx. $4600/month ($55,200/year).”

And for anyone trying the old arguement

‘They contributed 11k per year for 30 years…. ”
I call BS.
Those pension contributions have increased over time. They weren’t 11k/year 30 years ago
Just like CPP deductions.

But for the sake of argument
11k x 30 years = $363,000
Add in growth over 30 years = $750k (doubled in value).
At a 55k payout per year
That pension would last 14 years in the private sector.

But its guaranteed for life.

I guess the taxpayers fund the next 15 -20 years or so.
Since anyone retiring in their early 60’s can expect to live 20 – 30 more years. (actuarially speaking of course)
So.
Govt worker pays 363k over their 30 year “work life” and then live another 30 years in retirement and potentially reaps $1.5 million?
2 million?
Nice gig.
I guess that’s why their customer service is so excellent.
Are teachers striking this year?
For the 11% increase over 3 years the shelf bottle stockers and cashiers are getting at the BC liquor stores?
11% seems to be the new bar all 385,000 BC govt workers are demanding.
Additional Cost to taxpayers?
$11 billion…..plus their glorious, guaranteed, gold plated, pensions.

#85 crowdedelevatorfartz on 09.18.22 at 10:16 am

@#79 Diamond Dog

The ONLY good thing that may come out of Putin and China’s wheeling and dealing is.
China will adopt more nat gas for energy and industry and finally stop burning that low grade , planet choking, climate affecting……coal…….

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjk2eXdwp76AhUdGTQIHcSbDTQQFnoECBMQAQ&url=https%3A%2F%2Fwww.nrcan.gc.ca%2Four-natural-resources%2Fminerals-mining%2Fminerals-metals-facts%2Fcoal-facts%2F20071&usg=AOvVaw3Tgy5zxcr-pUgolVDEUpM3

China consumes (burns) 47% of the worlds coal per year. 3,600 million tons of coal is burned
out of a world wide total of 7,400 million tons.

nat gas may be a polluter but it ain’t no where near the destructive power of coal.

Coal should be banned.
Worldwide.

#86 crowdedelevatorfartz on 09.18.22 at 10:29 am

hmmm

The Russian govt is offering triple the average national wage and taking anyone from 18 to 60 years old…..

https://www.reuters.com/world/europe/russia-turns-recruiting-trucks-big-wages-woo-volunteer-soldiers-2022-09-18/

60 year old recruits…….

#87 Psst Yer Age is Showing on 09.18.22 at 10:30 am

#75 Doug t on 09.17.22 at 11:09 pm
IPhones ……..God these things may go down in history as the beginning of the end

@@@@@@@

What are ya like 95?!

Dem IPHONES dadgummit! *shakes fist at clouds*

https://m.youtube.com/watch?v=tJ-LivK4-78

#88 JP on 09.18.22 at 10:39 am

Apple is probably one of the most overvalued companies in the world now with a $2.4T market cap, and I say this as someone who uses exclusively Apple products. They’ve successfully ridden TSMC’s world class fab technology to to the top of the tech heap, but the writing is on the technological wall they’re about to hit, there’s a limit to how many transistors it’s possible to cram into a given amount of space.

It already happened to Intel, the once unbeatable tech titan that had a virtual monopoly on computer CPUs for decades is now on life support, a stark warning as to what happens once you can no longer make next year’s tech better than last years tech. Apple/TSMC aren’t quite there yet but they almost certainly will be within the next few years.

Of course Apple is doing everything they can to pivot into other markets, software and streaming subscriptions along with getting a sweet cut of the money people happily shovel at banks just to be able to pay for the things they buy via Apple Pay. But all of that is built on a foundation of the iPhone and a performance lead that can’t last forever. Maybe a groundbreaking AR/VR device or Apple Car will change things, but we’ve been hearing about Apple’s entry into those markets for nearly a decade and so far seen nothing.

#89 Ponzius Pilatus on 09.18.22 at 10:58 am

#88 JP
The life span of Companies, especially High Tech, are getting shorter.
Blame built in obsolescence.
And fads, like Tesla.

#90 Don Guillermo on 09.18.22 at 11:01 am

#88 JP on 09.18.22 at 10:39 am

Of course Apple is doing everything they can to pivot into other markets, software and streaming subscriptions ……..
@@@@@@@@@@@@@
They even high jack the occasional Blue Jays game -Bastards!! Now I shake my fist at the clouds.

#91 crowdedelevatorfartz on 09.18.22 at 11:01 am

@#87 your age is showing

I’m amazed you could rip your eyes from the smarterthanyou phone to respond to our gosh danged comments.

https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&ved=2ahUKEwjlhIuGzZ76AhUxIX0KHRa7D-gQFnoECBoQAw&url=https%3A%2F%2Fwww.reviews.org%2Fmobile%2Fcell-phone-addiction%2F%23%3A~%3Atext%3DHow%2520often%2520are%2520we%2520using%2Cphones%2520are%2520our%2520constant%2520companions.&usg=AOvVaw3JJ3EGHo5-qG0miizoQwf4

#92 Ponzius Pilatus on 09.18.22 at 11:06 am

I remember in the middle the 90s “experts” were saying “the business cycle is dead” because of AI and Algos.
And then came the dot.com crash.
Oops.

#93 Faron on 09.18.22 at 11:30 am

#80 You All Disgust Me on 09.18.22 at 7:54 am

more annoying … hahaha!

…why hate on em?

… you’re a loser and sneering is free.

Wow, I thought I was bad. Get a grip anonymous troll.

#94 Bonobo on 09.19.22 at 1:06 am

If Trudeau had been in Boris’s shoes nothing would have happened to him. Trudeau would still be in power. Why don’t you mention that?

#95 chalkie on 09.19.22 at 10:27 am

#5 Gwertl Farnsten
If your question was legit, a casino is more in your line of thinking, based on what you would consider for your investments.

#96 DOWn on 09.19.22 at 11:38 am

SCO meeting telegraphing coalition of Russia, China, India, Turkey, Pakistan, Egypt, Saudi Arabia just happened.
Lines are being drawn in the sand.
All players pushing for gold backed currency’s.