The killer

Love, sloth, greed, envy, joy, ambition, sorrow, regret, lust, hope. Of all the things we feel in this life, one emotion is overwhelming. It’s fear. Almost always it leads to action. So when it comes to money, fear of loss makes us do weird things. Often the outcome is poor. It’s a killer. We should stick with love.

These days fear’s everywhere. We’re afraid of losing ground to high inflation, high rates, low markets, volatility and risk. Covid was scary. Putin is terrifying. And suddenly everything – from Bitcoin to bonds and bungalows – is going down. Are people not wise to be frightened?

You betcha. Fear’s okay. It makes us cautious. But it should not paralyze. And society’s current fear gauge might even be a signal of better days to come. That’s because most of us almost always get things wrong. We compete for houses when they cost the most ever. We stay home when prices fall. We sell things when they drop. We turn paper losses into real ones. We’re just not great at this.

Where are we now? Here’s the latest CNN gauge of popular investor sentiment.

And check out the American Association of Individual Investors (AAII). Its Bull-Bear Spread is widely considered to a contrarian indicator, and you can see below what’s been happening over the past month.

During this time the S&P 500 lost about 8% of its value and (before today) stocks dropped to their lowest point in 2022. The YTD decline was a withering 23%, pulling the index into bear market territory (that’s a drop of 20% or more) from the high achieved during the winter.

As you know, this all corresponded with central banks getting macho about rate hikes, inflation hitting a 40-year peak, real estate values taking a hit, and Russia’s aggression in Ukraine. So while investors were merrily piling into equities when prices were swelling and P/E ratios popping, they’re now quaking, selling and moaning as valuations improve. Go figure.

Here’s more fodder. On Wednesday BMO published a survey showing 81% of Canadians think a recession is about to happen and three-quarters say they’re freaked out over inflation. “More than 75 per cent of Canadians feel their financial momentum is threatened by higher grocery bills (81 per cent) and rising cost of gas (76 per cent),” says the bank.

Compared to this time last year, significantly fewer Canadian adults are confident that they are making financial progress. The drop in confidence since this time last year is particularly sharp in Vancouver where confidence dropped 10 points to only 14 per cent, saying they feel confident about their financial situation. In Toronto, confidence has dropped 5 points to 37 per cent… “Fears of a recession could become self-fulfilling, so Canadian households need to be prepared, especially if interest rates continue to rise to tame inflation,” added Sal Guatieri, Senior Economist, BMO.

Okay, it’s true that 5% mortgages, $5 blueberries and a flaccid RRSP all suck. But it’s also irrational to think such conditions today will extend forever into tomorrow, or that the best strategy is to go to cash and quiver. This is where another emotion is handy. It’s called confidence.

We know there’s evidence inflation has peaked. Oil prices have dropped by half. Headline CPI stats in Canada and the US have been drifting lower. A mild recession will decrease demand while the supply chain repairs. It will all move the needle down. Meanwhile we also know financial assets are a helluva lot cheaper than eight months ago. Stocks, bonds, prefs, REITs and the funds based upon them pose far greater value now than before you ever heard of Harry Styles (and wish you hadn’t). Houses too, of course. The average detached in Toronto, for example, costs $425,000 less than in February.

Finally, as above, we know most people are wee, sleekit, cowrin, tim’rous beasties at the moment. Paralyzed. Going to GIC seances. Selling perfectly good assets because they think everything’s headed to zero. Actually believing the crazy Russian guy will nuke Donetsk or Denver. Buying life insurance and batteries and extra socks.

Last week we saw more people than ever trading put options – contracts designed to protect investors against further market declines. Of course, folks were not doing this when markets were high and had an elevated chance of falling. They’re doing it when things are low, and the odds favour an increase. Sigh.

So add it up. Cheaper asset prices. Better valuations. Inflation numbers starting to roll. Terrified investors. Less competition. Bearish sentiment.

Could there be a better time to buy low? Or deploy the cash you were sitting on when you thought stuff cost too much?

And is this not what the central banks had been hoping for? To scare the crap out of us? To render us jelly-like, convinced a recession’s coming so we stop spending money and stoking prices?

Exactly. And you can bet that when the CBs pause, or inflation ticks a little lower, or the Ukrainians kick more butt that financial markets will advance in expectation of better days. Those days will come. Man up.

About the picture: “Here is Fenway, our Boston Terrier, or, as we like to call him, our Boston Terrorist,” writes Robin, in Surrey. “A must-have purchase in the depths of Covid, Fenway has become Daddy’s dog. The photo shows him reluctant to put on his harness, despite another adventure to come. I’m a daily reader of your blog. Perhaps the best advice you have given is to stop reading the comments. It’s a shame that you can’t do the same.”

144 comments ↓

#1 Flop… on 09.28.22 at 3:00 pm

Got some of that sweet $2.34 a litre gas this morning.

It’s getting to the stage where you might as well cut out the middle man, and just shove the gas nozzle up your backside yourself…

M48BC

#2 Tim on 09.28.22 at 3:02 pm

Garth,

Despite all this gloom and doom and high interest rates, how come house prices in Vancouver and Victoria have barely budged? They shot up over 30 percent in two years and have fallen a whopping 5 percent.

#3 PeterfromCalgary on 09.28.22 at 3:03 pm

It has been a scary year for investors. That is why it is the best to buy and worse time to sell.

#4 crowdedelevatorfartz on 09.28.22 at 3:06 pm

“Those days will come. Man up.”

+++
Are we allowed to say “man up” in these gender sensitive times?

#5 LuckyGuess on 09.28.22 at 3:12 pm

Fabulous blog post today!

#6 Søren Angst on 09.28.22 at 3:13 pm

All’Alba Vincerò

Something to cheer you up 🍁:

https://www.youtube.com/watch?v=nSZI-MI3nrY&t=530s

[Lago di Garda … before the election]

Where’s that Walking on Water spirit Canada?

In Canada I trust and she has not let me down in my 60+ years.

It will get better, Garth is correct.

#7 Sean Melvin on 09.28.22 at 3:18 pm

Garth, about the idiot that told you to jump from a window. Please just turn off your comments. They won’t be missed. I have been reading your books and blog since 2007. Your words are priceless and full of amazing free advice.

Take care,

Sean

#8 mj on 09.28.22 at 3:20 pm

I have a feeling it’s not over yet. Look what’s happening in the UK, could cause pain for everyone. As for gas prices, two things are holding it down. The lock down in China, and the states using their reserve. Once those stop, oil goes back up. Probably after the November election. If oil prices go back over a hundred dollars, then the central banks have to go much higher to tame inflation.

#9 Linda on 09.28.22 at 3:21 pm

And here I thought ‘Fenway’ was the killer being referred to – LOL:)

The fear factor. Seems to me that it takes a bit of time to absorb & respond to what is going on. So think that reaction to stuff trails actual events, which may explain why fear is so prevalent right now. Plus when day to day cost escalation is in your face at the grocery store, gas station & anywhere else where folks tend to spend $ on a regular basis hard to ignore that it is costing more to get by these days. Which doesn’t exactly build confidence. Recency bias in action!

#10 Søren Angst on 09.28.22 at 3:27 pm

Levity and Revenge

Well known Russian TV Putin brainwasher of the Russian people Solovyov …

GOT MOBILIZED.

Watch the whole thing. One panelist reminded me of Russell Peters when Solovyov says he’s too old and the guy basically tells him …

BE A MAN, DO THE RIGHT THING. Then they blyat each other.

And the lady, a new level of CRAZY plumbed.

Anyways, enjoy Россия-1? [2:07 min]

https://twitter.com/R82938886/status/1574865224108220423

You know Canada, it can always get much worse (ok, ok, I forgot about the CBC – my bad).

#11 TurnerNation on 09.28.22 at 3:32 pm

Times are tough. The government is loan-sharking.
WTH??

https://www.canadapost-postescanada.ca/cpc/en/personal/mymoney/loan.page
Canada Post MyMoney Loan delivered with TD
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Fixed interest rates from 9.98% to 19.98%

————–
———– — LOL T2 is done for. But now we get another Globalist lapdog PP it’s a done deal.
AirCan calls out the $cience.

https://mraircanada.mediaroom.com/2022-09-26-Air-Canada-Welcomes-Government-of-Canada-Decision-to-Lift-Mask,-Testing-and-ArriveCan-Requirements
Air Canada Welcomes Government of Canada Decision to Lift Mask, Testing and ArriveCan Requirements
“Air Canada welcomes the removal of these restrictions, acknowledging that air travel is safe and that the measures were not justified by science.

#12 Søren Angst on 09.28.22 at 3:35 pm

Inspirational Women

in Iran, Ukraine singing the WWII anti-fascist Italian resistance anthem Bella Ciao in their own language …

Slava Ukraini
https://twitter.com/FridaGhitis/status/1574935269857693696

Iran
https://twitter.com/FridaGhitis/status/1574923920293101571

The human spirit, so beautiful to behold.

Canada, kiss the ground you stand on.

#13 Oakville Rocks! on 09.28.22 at 3:37 pm

WOW! This might open some eyes.

I wish I could gift this NY Times investigation to everyone here – especially the Putin apologists.

https://www.nytimes.com/interactive/2022/09/28/world/europe/russian-soldiers-phone-calls-ukraine.html

I have no words. Well, except that I truly fear Putin will use a nuclear weapon to compensate for a military that is in complete disarray and unable to hold back the Ukrainian advances into what will soon be declared Russian territory.

Well done NY Times.

#14 ogdoad on 09.28.22 at 3:41 pm

A great indicator of love is just how well you hug! Instead of reading the news (which may or may not be entirely true) why don’t you share a coffee with a friend or snuggle with your sig. while reading A-DOG (A Dose of Garth)(*Og*)? All you need!!

G is right. All you need is confidence. I can help as I have an over abundance. Could be from the hugging (get lots) or b/c netflix, youtube, etc, (don’t even start on fb) have nothing really to offer but dupedness…its their purpose – google it, if you dare.

Btw, G. You won! You’re still here. And Marcus the Poet is nowhere to be heard, with no one to hug….honestly sad.

Happy hump day (was my fav. just sayin’)!

Og

#15 Caffeine Monkey on 09.28.22 at 3:43 pm

Guys guys it’s okay, the S&P is up over 2% today! We were poor yesterday, but we’re rich again today! High fives all around! Time to shop for a Lambo.

#16 Doug t on 09.28.22 at 3:43 pm

They, them, it, that, spirit animal up – did I forget anyone?

#17 Sail Away on 09.28.22 at 3:45 pm

‘Finally, as above, we know most people are wee, sleekit, cowrin, tim’rous beasties at the moment. Paralyzed…

…Buying life insurance and batteries and extra socks.’

———

First, Scotland’s bard: my first-ever deer haggis experiment has commenced. All looks good. Results to be reported.

Next, socks: One of life’s greatest pleasures is slipping on brand new cozy warm merino wool socks on the fourth day of a remote backpack hunt. Truly sublime.

Third, fear: No way, and definitely not while wearing new merino wool socks with delicious haggis gelling in the fridge

#18 Broader Mind on 09.28.22 at 3:46 pm

I really believe the new fear is more related to the fact we are no longer investing in free markets. As Garth pointed out so eloquently I’m susceptible to hallucinations. Today I thought the Bank of England manipulated the bond market. Just imagine your shorting bonds and a central bank pulls this one ,any recourse? Then take a look at Canada bonds in relation to the bank rate and wonder if your in a straight game. Any analytical work from here on should be guessing central bank policies not corporate profit…. It truly is different this time. Interference during Covid that sent real estate,crypto,bonds,equities and well everything sky high,was unnatural. Central banks will now not allow the required correction.

#19 Brett in Calgary on 09.28.22 at 3:51 pm

Agreed. The UK situation is quite interesting, and I am not sold on today’s big bounce in everything, either. It doesn’t take much for the hoards to believe a pivot MUST be coming! The king dollar wrecking ball is still at work.
————————————–
#8 mj on 09.28.22 at 3:20 pm
I have a feeling it’s not over yet. Look what’s happening in the UK, could cause pain for everyone.

#20 Søren Angst on 09.28.22 at 3:53 pm

Troubles in Brexit

Sent Garth today some DRY ENGLISH HUMOUR Tweets from the UK about the TROUBLES they are having just to cheer him up after yesterday’s egregious faux pas aimed at himself and Dorothy.

A few of the Tweets, my faves …

RyanAir 1-way ticket
https://twitter.com/Ryanair/status/1575118564595580929

LHC & Morris Dancers *
https://twitter.com/Aiannucci/status/1575097926975913984

$500B, Curry and a Company Credit Card (in regards to PM Truss)
https://twitter.com/MrMichaelSpicer/status/1575083508665548801

IMF shortest email in history to Gov UK Chancellor of the Exchequer
https://twitter.com/haveigotnews/status/1575066878133010440

——————-

The UK, dear to my heart having lived there, in deep economic troubles to come – much worse than what Garth talked about today about Canada.

Stiff upper lip UK.

It can always get worse Canada.

——

* For the Morris Dancer uninitiated
https://youtu.be/sArAC2_ow2k?t=24

And, if wondering where Monty Python got their Pointed Stick routine from … Morris Dancers
https://youtu.be/ctYuGYwTqZg?t=11

and the English make fun of us Italians. Go figure?

#21 Adam on 09.28.22 at 3:55 pm

Canada is the only G20 nation that owns no gold. And, by “no gold” I mean literally zero gold… no gold… not even 1 single ounce.

https://tradingeconomics.com/country-list/gold-reserves?continent=g20

#22 Raoul Pal on 09.28.22 at 3:57 pm

Saratsky also called for a U-Shape recovery when Covid hit. The sharpest V-Shape recovery in history occurred.

Calls out doom and gloom on the housing market while buying up housing assets. Owns homes in different housing markets across the country thanks to some great media exposure pumping his sales commission, which is basically a self-fulfilling cash cow rolling on auto pilot at this point.

It is more interesting to watch what someone does rather than what they say to find out what they are really up to.

And like every other person out there it is all about the money and how big of slice of the pie one can get while looking genuine and “trustworthy”

#23 Doing my Part on 09.28.22 at 3:57 pm

What’s with all the people who recommend cancelling the comment section, is that what we do these days when we see something we don’t like.
What happened to standing up and making your views known, don’t let the basement dwellers win, the reasonable will prevail, as does justice, give it a chance.

#24 Inflation fear not in Vancouver on 09.28.22 at 4:04 pm

Last Sunday, spend the day shopping.
Malls were packed and people had bags of stuff. Two hour wait to buy Apple Stuff.
Okay granted the weather was good.

Then out to dinner. Restaurant after Restaurant full and reservations only. Full of people.

If you are worried about money and inflation then why is everyone buying stuff and eating out.

Maybe I am the dumb one buy everything on credit and my debt will inflate away.

#25 Edward Shak on 09.28.22 at 4:04 pm

Today in Canada:

your bank is on sale and yields more than a 5yr G’I’C
your utility is on sale and yields more than a 5yr G’I’C
your internet provider is on sale and…oh you get the picture!

Have you got a nose for value?!

#26 You Kay on 09.28.22 at 4:09 pm

Look at what’s happening in UK? What’s the deal with these pension funds?

A thought crossed my mind. What didn’t collapse in 2008/2009 that is now much worse off and will collapse?

These pension plans could certainly be on the list.

#27 Dave on 09.28.22 at 4:09 pm

Ukraine conflict will turn into a full war.

War is inflationary…..further rate increases. Market to crash further

#28 Nonplused on 09.28.22 at 4:11 pm

Well, if someone is selling puts, that same someone is also selling calls. That’s how them sneaky options traders keep their delta low without actually having to buy or sell underlying. The theory, if you can call it that, is called “put-call equivalency”. It actually works, so long as the market stays in the risk management range of a 95% confidence interval. But like so many financial maneuvers, it can blow up, so one day it will.

#29 CV5 on 09.28.22 at 4:18 pm

BOE running out of arrows, quivers and armor. Because…..well….they ran out of “taxpayer future money” to lube the “financial casino” machinery.

In fact, Europe, Canada, the US and a lot of western civ is running out of “taxpayer future money” aka “liquidity”. With utterly predictable results.

You can’t put the brakes on a ponzi so I am told.

Word on the street is that they are going to burn down the place. Like they did on “Goodfellas”.

#30 The Guillotine is God on 09.28.22 at 4:19 pm

Right….so US Treasury 10-year notes have offered good value to intrepid investors at 4%. It will very likely turn out to be a good short/intermediate term trade. I wouldn’t get it confused for long-term value. Bond maths still applies, however…because most of you will feel it most acutely in overvalued and overleveraged assets. Most of you likely are not in the same position as Jeff Gundlach, to nimbly trade the US 10-year. Most investment managers themselves will not.

Anyways…. enjoy the reversal in equity and bond selling, while it lasts. The 60/40 portfolio will resume its deterioration due course.

#31 jess on 09.28.22 at 4:23 pm

…in Iran, Ukraine singing the WWII anti-fascist Italian resistance anthem Bella Ciao in their own language …

=========
axis of evil
speaking of killers….the entire operation as an experiment in terror

https://www.historyextra.com/period/second-world-war/guernica-bombing-basque-who-responsible/

…an “opportunity to test under fire whether [war] material had been adequately developed”. Nazi commander Wolfram Von Richthofen described the carnage…Simply wonderful.”

Red gene’ –

The practice began after General Francisco Franco came to power in 1939 following Spain’s civil war pitting left-wing Republicans against conservative Nationalists loyal to the general.

The goal was to punish Republicans and prevent them from transmitting the “red gene” of Marxism to their children, said Luque.

A 1940 decree allowed the state to take children into custody if their “moral formation” was at risk.
The practice of removing children from parents deemed “undesirable” and placing them with “approved” families, began in the 1930s under the dictator General Francisco Franco.

At that time, the motivation may have been ideological. But years later, it seemed to change – babies began to be taken from parents considered morally – or economically – deficient. It became a money-spinner, too.(bbc)
https://www.bbc.com/news/magazine-15335899

Under Franco Spain’s ‘Stolen Babies’ Are Learning the Truth(nytimes)

Thousands of Spanish children were taken from hospitals and sold to wealthy Catholic families.

https://www.nytimes.com/2022/09/27/magazine/spain-stolen-babies.html

#32 cv5 on 09.28.22 at 4:26 pm

“Who knew that all the global markets needed all along was for the BoE to tackle a 10% inflation rate by monetizing a debt-financed tax cut!”

#33 Paul Bryden on 09.28.22 at 4:27 pm

At last, a Mark Rothko dog picture! Things really are getting better.

#34 Squire on 09.28.22 at 4:39 pm

Deglobalization is inflationary. This isn’t going away any time soon. If you believe it’s only about domestic inflation pressures like houses, you’re being naive. Keep those American investments if you have.

#35 Blacksheep on 09.28.22 at 4:42 pm

“I must not fear. Fear is the mind-killer. Fear is the little-death that brings total obliteration. I will face my fear. I will permit it to pass over me and through me. And when it has gone past, I will turn the inner eye to see its path. Where the fear has gone, there will be nothing. Only I will remain”

Frank Herbert

#36 The Original Jake on 09.28.22 at 4:42 pm

While I have stated before that the covid excess needs to be wiped (now already has), there needs to be an overshoot before we can call a bottom and yesterday was not quite it.

Today was the necessary rebound to lure in more buyers before driving the fear needle even higher. A VIX spike up to at least 40 would be safer to say we have bottomed. But, I agree we are close and good to start easing back in.

#37 jess on 09.28.22 at 4:46 pm

..”Under Franco, women lost many rights they had won during the Second Spanish Republic, which lasted from 1931 to 1939. Divorce became illegal, as did adultery. Women couldn’t open up a bank account, get a work contract or leave the country without their father’s or husband’s consent. They were expected to have many children and keep a conservative Catholic Spanish home.

Yet some women were considered more suitable potential mothers than others. “And that’s where the stealing of babies comes in,” says Borrachero.

Spanish psychiatrist Antonio Vallejo-Nájera was the leading figure behind the idea that a Marxist ideology was inherited and that Republican women carried what he called a “red gene.” With Franco’s support, and during a time when eugenics was popular across Europe and the United States, Vallejo-Nájera pushed for children to be separated from mothers who were involved with the Republican Party — whether they were politically active or the sisters, wives or mothers of political dissidents and prisoners.”

https://www.npr.org/2018/08/17/639226190/how-spanish-women-were-allegedly-targeted-in-stolen-babies-cases-for-decades

#38 SW on 09.28.22 at 4:49 pm

Please be more inclusive, that is human up.

#39 Blacksheep on 09.28.22 at 4:50 pm

Here’s another quote, relevant to the current convo:

“Hard times create strong men. Strong men create good times. Good times create weak men. And, weak men create hard times.”

― G. Michael Hopf
—————————-
We are definitely in the week men phase…

#40 Søren Angst on 09.28.22 at 4:52 pm

One Last Thing to be Grateful for Canada

I follow this Russian kid from St. Pete’s, occasionally, on YouTube. He talks about life in Russia after the sanctions, you know grocery bills, banking, more lately about Mobilization, etc.

7 days ago, he goes out for his usual stroll, talking about what’s happening and then this:

https://youtu.be/6OVFfN0w7nU?t=243

20 min ago, he fled the country out of Mobilization fears and, well you know …

https://www.youtube.com/watch?v=vQUXH-uLzdA
[“I left Russia”]

——————

Canada and Western Democracies have SO MUCH to be grateful for.

Ya, times are tough but at least we have our LIVES and FREEDOM.

#41 Brock on 09.28.22 at 4:55 pm

Unfortunately, the retailers are bearish with GOOD REASON. There has NEVER been a bubble of this magnitude with housing sector risk, geopolitical risk all at the same time. If anything I argue they’re NOT BEARISH ENOUGH. You can jump in here, but I’ll be avoiding all stocks till the way ahead is clear.

#42 Ronaldo on 09.28.22 at 4:56 pm

Question for Shawn. What are your thoughts on CWB.PR.D at this time? I did buy CWB when you put out the heads up. Down a bit since then but long term should do quite well. Trading at around 60% of book.

#43 NOSTRADAMUS on 09.28.22 at 5:03 pm

THE ABSOLUTE WORST.
Some people think the worst time to buy a house is when there are frenzied buyer’s bidding up every house that is for sale. Wrong. This is not the worst, not by far. The very worst, I mean the absolute worst time to buy a house is when interest rates have doubled and the bidding wars are in the rear view mirror, but the price level is still at the top of the market.
New point. I was recently talking to a secondary mortgage broker, he indicates that 18% of his business involves refinancing. This would suggest that anyone doing a refinance today at rates closing in on 6% from rates under 3% in 2020 has some serious issues lurking somewhere.
New point. For those who pay attention. I have been submitting articles for over 5 years, time enough in other words to have made plenty of disastrously wrong calls, alongside a rather smaller number of good ones. But there is one rule of thumb throughout this time that has served me well, when I am wrong, I’ll be the first to say ,”I was wrong.” A strange trait to have in this, “I am never wrong world.” Strange indeed.

#44 chalkie on 09.28.22 at 5:03 pm

Times have sure changed, did you know that you can now borrow money from your local Post Office, that’s correct, your Post Office, they have over 6000 locations across Canada, it launched Nationwide on Sept 12th. Lower interest rates than other loan products and credit cards through Canada Post. The Pilot project was quietly launched last year in Nova Scotia. With the internet taking away the majority of postal mail, they have found ways to help replace some of the short fall. Last year in 2021, Canada Post lost nearly 500 million dollars, that cost is directly tied to us all, it’s the Federal Government.

Snowbirds will pay a hefty price this winter to go south, the US dollar is at a 20 year high, Canadian dollars is one story, but if you are paying with the British Pound, you best take a couple of Tylenol before you do the exchange at your local branch, it’s going to be an eye opener.

Bitcoin was projected to hit $100,000 .00 a coin in 2022, the opposite truth is, there is a lot of red right now on Bitcoin’s future, the jury is out on what direction it will go, North to $30,000.00 US or South to below $10,000.00. US, that’s a far cry from the hundred grand that was a pipe dream, just a few months back. It may end up being a treasure sometime out there, but I prefer to but my investments into something that I can feel and touch, rater than another perhaps. Dot Com outcome. Again, this was another case of FOMO, short term thinking.

Francois Legault believes that welcoming more immigrants to Quebec is the death of the Quebec Nation, 80% of immigrants that move there, don’t work and don’t speak French. Oh well, I guess everyone is entitled to their opinion. (c’est votre opinion Francois, soeaj pour le tourself).

Case of REMAX wanting to belief that all good things never come to an end, proof that the layman’s views were light years ahead of REMAX. Some of us have been around long enough to see this balloon deflate a few times, it never ceases to amaze me how innocent buyers get caught up in these home buying frenzies every so many years.

September 28th, 2022: REMAX has had a change of heart for their home sales predictions for 2022 onward, today’s predictions are far short of what REMAX predicted in December 2021.
TORONTO – A report by Re/Max Canada forecasts the national average home sale price in Canada will fall 2.2 per cent in the final months of the year.
The network of real estate brokers and agents says the moderation in the market for the September-to-December period comes amid rising interest rates, record inflation and broader global and economic uncertainties.

December 2021 predictions for REMAX: Confidence continues in Canadian real estate market, with the inter-provincial relocation trend likely to remain strong in 2022
• Migration between provinces expected to continue in 2022, potentially impacting local Canadian real estate conditions, according to 53 per cent of RE/MAX brokers (20 out of 38)
• 49 per cent of Canadians believe the housing market will remain steady in 2022 and view real estate as one of the best investment options over the next year
• Some of the highest outlooks are anticipated for Atlantic Canada, with Moncton and Halifax projecting average residential sales prices to increase by 20 per cent and 16 per cent respectively in 2022
• 97 per cent of regions (37 out of 38) surveyed are likely to remain seller’s markets in 2022.
Boy or Boy, did they get it wrong, REMAX no sooner printed the article and the home prices and sales started heading south. 37 of the 38 Regions that were surveyed got it wrong. They now have a little egg on their smile I suspect, after all, they are the home sales experts, or are they?

Home prices in Ontario have fallen an average of 23.6% in the last six months, over 30% in some areas.
Very common now, to see home’s dropping $100,000 in one drop and the higher priced ones dropping two, three or four hundred thousand, take a look on the OJO site and hit the reduced button. This one has been reduced by $800,000.00 according to OJO. https://www.ojohome.ca/listowel-on/44611-perth-county-line-86-1-listowel-on-n4w-3g6/pid_0kwxc3ghny/
Don’t be in a hurry to spend your money, your best home deals are further out there somewhere in 2023/2024. Cheaper to Rent, prices are falling faster every month on homes, than what it takes to carry an apartment per month.

#45 conan on 09.28.22 at 5:04 pm

RE #13 Oakville Rocks! on 09.28.22 at 3:37 pm

I think that is the last thing he will do/can do.

No problem pressing the button if responding to a nuke attack , but doing a first strike is completely different. It is a different chain of command.

Just suggesting it in a serious way, when it goes against established first strike doctrine, is likely to get Putin thrown in prison, or a bullet between the eyes.

I could see him doing other things. Sabotage the Nordstream for one, or an accident at one of the Ukraine power stations.

If Putin did manage to launch a first strike nuke, would the West’s response be more nukes? I think it more likely that it triggers a massive conventional attack on Russia , with the hope that Russians join the West in getting rid of Putin.

#46 Ronaldo on 09.28.22 at 5:05 pm

“The average detached in Toronto, for example, costs $425,000 less than in February.”

Whoa. That would take care of our annual food bill for the next 70 years.

#47 Ole Doberman on 09.28.22 at 5:10 pm

Garth’s right bottoms in, just backed up the truck on Bitcoin. Life saver.

#48 IHCTD9 on 09.28.22 at 5:14 pm

#12 Søren Angst on 09.28.22 at 3:35 pm
Inspirational Women

in Iran, Ukraine singing the WWII anti-fascist Italian resistance anthem Bella Ciao in their own language …

Slava Ukraini
https://twitter.com/FridaGhitis/status/1574935269857693696

Iran
https://twitter.com/FridaGhitis/status/1574923920293101571

The human spirit, so beautiful to behold.
————

I love how she sings while stuffing rounds into the mag. :)

#49 IHCTD9 on 09.28.22 at 5:16 pm

#17 Sail Away on 09.28.22 at 3:45 pm
‘Finally, as above, we know most people are wee, sleekit, cowrin, tim’rous beasties at the moment. Paralyzed…

…Buying life insurance and batteries and extra socks.’

———

First, Scotland’s bard: my first-ever deer haggis experiment has commenced. All looks good. Results to be reported.

Next, socks: One of life’s greatest pleasures is slipping on brand new cozy warm merino wool socks on the fourth day of a remote backpack hunt. Truly sublime.

Third, fear: No way, and definitely not while wearing new merino wool socks with delicious haggis gelling in the fridge
———

Hopefully Haggis tastes better than it reads :)

#50 Roofer on 09.28.22 at 5:16 pm

Neighbour put house up for sale today. Realtor shows up with a Lamborghini Aventador.

No Joke.

#51 DOWn on 09.28.22 at 5:41 pm

Friend of mine a realtor for Keller Willams said he’s getting inquiries from people preparing to get out of Europe, he’s convinced that this is the beginning of a mass exodus to Canada.

#52 DON on 09.28.22 at 5:44 pm

#9 Linda on 09.28.22 at 3:21 pm
And here I thought ‘Fenway’ was the killer being referred to – LOL:)

The fear factor. Seems to me that it takes a bit of time to absorb & respond to what is going on. So think that reaction to stuff trails actual events, which may explain why fear is so prevalent right now. Plus when day to day cost escalation is in your face at the grocery store, gas station & anywhere else where folks tend to spend $ on a regular basis hard to ignore that it is costing more to get by these days. Which doesn’t exactly build confidence. Recency bias in action!

********
Forgot my wallet at home today…thankfully I have a a full tank of gas. Have 3 dollars in change and went to 7/11 to get a chocolate bar. The bars were $3.69. Talk about right in your face…couldn’t buy anything but a cookie.

#53 JSS on 09.28.22 at 5:45 pm

Put the fear aside and why not buy Canadian banks, and insurance life-co’s.
Look at Scotia bank, what a beatdown. Or CWB, Great west life.

Well, here’s some tummy rubs for the stock cowboys:
– Fortis 5.9% dividend increase
– Starbucks 8.1% dividend increase

#54 The General on 09.28.22 at 5:52 pm

Someone said this was a financial blog. It’s more than that by a country mile. It’s also a therapy session, where people console one another. Like any family, disagreements happen. The father (Garth) guides his anonymous children(commentators) through life’s ups and downs. Sometimes he goes Red Forman on one of us, as any good father would. So being designated the black sheep works for me. From what I see, telling the truth ruffles some feathers, so I will continue, until father takes me to the woodshed. Dog Bless you all.

#55 Ponnaps on 09.28.22 at 5:52 pm

Great post Garth.. we need boatloads of confidence to get us through the next few months… though our leaders inspire very little of it…

#56 april on 09.28.22 at 5:53 pm

#2 – not true…. 20% and falling

#57 PeterfromCalgary on 09.28.22 at 5:59 pm

The Bank of England buying up bonds (quantitative easing) seems a little crazy when inflation is so high. The fact that they did so after Liz Truss introduced a huge inflationary stimulus budget seems very reckless.

You can make a sane argument that Biden and the FED are rowing the opposite direction. Biden stimulating more inflation while the FED is trying to slow down inflation.

However, in Britain it seems both the Bank of England and the government are trying to juice up inflation at the same time. That will not end well

#58 jess on 09.28.22 at 6:08 pm

The government (uk)also announced Friday that it would remove a cap limiting bankers’ bonuses to double their annual salary in a bid to encourage global banks to invest in the country. The cap was introduced after the global financial crisis to deter excessive risk-taking.

==========
SEC Charges 16 Wall Street Firms with Widespread Recordkeeping Failures
Firms admit to wrongdoing and agree to pay penalties totaling more than $1.1 billion

FOR IMMEDIATE RELEASE
2022-174

Washington D.C., Sept. 27, 2022 —

The Securities and Exchange Commission today announced charges against 15 broker-dealers and one affiliated investment adviser for widespread and longstanding failures by the firms and their employees to maintain and preserve electronic communications. The firms admitted the facts set forth in their respective SEC orders, acknowledged that their conduct violated record keeping provisions of the federal securities laws, agreed to pay combined penalties of more than $1.1 billion, and have begun implementing improvements to their compliance policies and procedures to settle these matters.

The following eight firms (and five affiliates) have agreed to pay penalties of $125 million each:
Barclays Capital Inc.;
BofA Securities Inc. together with Merrill Lynch, Pierce, Fenner & Smith Inc.;
Citigroup Global Markets Inc.;
Credit Suisse Securities (USA) LLC;
Deutsche Bank Securities Inc. together with DWS Distributors Inc. and DWS Investment Management Americas, Inc.;
Goldman Sachs & Co. LLC;
Morgan Stanley & Co. LLC together with Morgan Stanley Smith Barney LLC; and
UBS Securities LLC together with UBS Financial Services Inc.

The following two firms have agreed to pay penalties of $50 million each:
Jefferies LLC; and
Nomura Securities International, Inc.

Cantor Fitzgerald & Co. has agreed to pay a $10 million penalty.
jp settled in dec agreed to 125m.

“Finance, ultimately, depends on trust. By failing to honor their recordkeeping and books-and-records obligations, the market participants we have charged today have failed to maintain that trust,” said SEC Chair Gary Gensler. “Since the 1930s, such recordkeeping has been vital to preserve market integrity. As technology changes, it’s even more important that registrants appropriately conduct their communications about business matters within only official channels, and they must maintain and preserve those communications. As part of our examinations and enforcement work, we will continue to ensure compliance with these laws.”

The SEC staff’s investigation uncovered pervasive off-channel communications. The firms cooperated with the investigation by gathering communications from the personal devices of a sample of the firms’ personnel. These personnel included senior and junior investment bankers and debt and equity traders.

….The SEC’s investigation, which is ongoing…

https://www.sec.gov/news/press-release/2022-174

#59 Elon Fanboy on 09.28.22 at 6:09 pm

Hmmmmm?

Pres. Biden: “If Russia invades…then there will be no longer a Nord Stream 2. We will bring an end to it.”

Reporter: “But how will you do that, exactly, since…the project is in Germany’s control?”

Biden: “I promise you, we will be able to do that.”

https://twitter.com/ABC/status/1490792461979078662?s=20&t=dsz5sVSfZ7kalAKXPhVG1A

#60 Concerned Citizen on 09.28.22 at 6:13 pm

Can someone more enlightened than I present a cogent argument as to how a commitment to summon currency out of thin air in order to buy government bonds counts as fighting inflation? Because isn’t that what the Bank of England just did, despite inflation in England on pace for double digits shortly?

More signs of institutional failure.

#61 Habitt on 09.28.22 at 6:13 pm

#9 Linda great post today as usual. Don’t always agree but your comments are usually spot on. Thanks you as well Mr T

#62 jess on 09.28.22 at 6:17 pm

we’re sorry we’re not sorry?

SEC Charges Oracle a Second Time for Violations of the Foreign Corrupt Practices Act
Company to Pay $23 Million to Settle Charges

FOR IMMEDIATE RELEASE
2022-173

Washington D.C., Sept. 27, 2022 —

The Securities and Exchange Commission announced settled charges requiring Oracle Corporation to pay more than $23 million to resolve charges that it violated provisions of the Foreign Corrupt Practices Act (FCPA) when subsidiaries in Turkey, the United Arab Emirates (UAE), and India created and used slush funds to bribe foreign officials in return for business between 2016 and 2019.

===========

Justice Department prosecutors recommended 86 months in prison for Young, which U.S. District Judge Amy Berman Jackson agreed with.

… slammed Young during sentencing for his conduct on Jan. 6 and for bringing his 16-year-old son to the riot.

“It defies understanding that the presence of your 16-year-old son by your side on Jan. 6 did not inspire you to curb your behavior in the slightest,” Jackson said. “You were not prosecuted for being a Trump supporter. … You are not a political prisoner. … You were trying to stop the singular thing that makes America America: the peaceful transfer of power. That’s what ‘stop the steal’ meant.” “The judiciary … has to make it clear: It is not patriotism, it is not standing up for America to stand up for one man who knows full well that he lost instead of the Constitution he was trying to subvert.”
======
“When I was walking back from the podium delivering my victim impact statement, an individual who was seated with other relatives of Mr. Young stood up and called me a piece of shit,” Fanone said. “He was quickly escorted out of the courtroom and then out of the court building by the U.S. Marshalls.” Fanone added that he believed the remorse expressed by some Jan. 6 rioters and their relatives is merely performative in order to try and secure more lenient sentences. “His mother stood up and tried to apologize to me in the courtroom,” Fanone said, referring to Young’s mother. “And then later on, as I was leaving the courthouse, his mother and several other individuals who were seated with her in the courtroom again called me a piece of shit.

#63 Diamond Dog on 09.28.22 at 6:19 pm

Could there be a better time to buy low? Or deploy the cash you were sitting on when you thought stuff cost too much? – Garth

The contrarian argument is, the Fed will keep raising rates. U.S. inflation is still in the 8’s. CPI Inflation peaked at 8.5 or 6 and appears to be sticky. Plus, the ghost of Friedman says it takes 2 years for economic effects to be seen from decreasing the broad money supply (he also said 12 to 18 months for m2). When did we start that? And why did the Fed say there was a need to keep rates at 4+ through all of 2023?

Average annual m2 going back to 1952, is 6.8%. Readers who open the chart below, will see what m2 has done over 2020 and 2021. We dipped below 6.8% sometime in April:

https://www.longtermtrends.net/m2-money-supply-vs-inflation/

The only fix to this problem is time. Offering further, if we go back to when the dollar had major bouts with inflation (70’s, 80’s) we’ll see it correlates nicely with big pops in the money supply. Current inflation in the U.S. is as a direct result of monetary policy and a bloated money supply which is not a quick fix.

We haven’t seen m2 during 2020 and 2021 since WWII. The 40’s that followed was a period of debt to GDP peaking at 125%, lower rates used to suppress debt service in the 2’s and a debt jubilee relating to war bonds resetting debt to GDP to 85%. We don’t have that luxury this time.

“If I was this, if I was that”, I would argue that a debt jubilee is as justified today as it was yesterday and that the entire world should think about a reset or consider some kind of mass currency consolidation, but I’m not this or that and what we’ll instead see is market forces do it for us which is scary because it leaves highly indebted nations in a tight jam and the track record isn’t good.

There was a historical study done with indebted nations that found 50 of the last 51 nations with debt to GDP ratios higher than 125% have gone broke? I see more than 1 hanging in there (Jamaica as an example) but by and large, most defaulted. Japan is the holdout largely because Japan runs surplus’s (oh wait):

https://tradingeconomics.com/japan/balance-of-trade

Humanity hasn’t been here before with bloated debt loads the likes of which we are seeing public, private and corporate and we are nearing thresh holds which is in part why everyone is freaking out. Privately and generally, it’s not just inflation biting into purchasing power, it’s the cost of debt. At the beginning of the year, it was cheap and easy, an old normal. Today? It’s worrisome. And it was predictable as U.S. monetary policy (who would have predicted the Fed stepping on the gas at 7% inflation though right, but the end result is still predictable).

We’ve got a global recession afoot, paychecks aren’t stretching as far, the markets are chewing away at nest eggs, some fears really are justified. We see in the VIX:

https://www.cnbc.com/quotes/.VIX

Thank God for a market breather like today, right? Let’s hope it’s the start of something but credit conditions will continue to tighten and we simply can’t dismiss it.

You’ve said it yourself Garth, the Fed rate is at 3 to 3.25% and everyone’s having a cow. Well, talking state side here, mortgage rates for 30 year terms in the U.S. are 7+% now, a 4% pop from the beginning of the year. Housing LOC’s are drying up. We can see this former major wealth effect for the markets drying up. The dollar is rising offsetting losses for Canucks investing in the U.S., but is it enough to offset market losses?

Where am I going with this, the risk is still high for more selloffs. S/P price earnings are at 28x, still historically high meaning there’s room to fall. Stock markets will not soar with CB’s continuing to raise rates. Bonds are still in a funk with the Fed continuing to raise rates. Will the Fed stop, sure, but not today. Not tomorrow. Most likely not for the rest of the year. Think about it, if the Fed started to lower rates any time soon with inflation in the 7’s and 8’s, we think the markets would blast off right? Wrong.

Lowering rates would mean inflation will remain high for longer, maybe a lot longer and it would mean that something in the economy has broken and the Fed has no choice but to react and that would mean the Fed has potentially lost control. Now that is a Minsky moment.

We talk about how trying to time the market is a sin, but when we understand what is driving the Fed response to tighten credit conditions, we realize that timing is on the table at least with equities and for a little while longer, bonds as I’ve been saying all year long and I’m not alone, I’m not re-inventing the wheel here.

That said, investors and managers should never ignore market potential. The potential for discovery and ongoing discovery, for rallies and market excesses, valuations of some decent businesses falling from the sky, with danger comes it’s cousin “opportunity”. But with 60/40 diversified portfolio’s going long in U.S. funds at this point, I would not accumulate here until the eye approaches. (its getting closer) And Maple, that’s for another time, still too long a comment and out of time.

#64 WTF on 09.28.22 at 6:27 pm

#10 The video clip u provided was debunked as manipulated media. Although the comment regarding the space suit was quite humorous.

This, on the other hand, is real.

http://www.nytimes.com/interactive/2022/09/28/world/europe/russian-soldiers-phone-calls-ukraine.html?unlocked_article_code=B3TN2-UGmsTVkPp8R8mUy7MdjWQMpOwqLgCscLaqhktqQE5e_KFuh0Sgwu-Yo8KeCy8SsfSJxvGv1NHOic8Xrk2J6ZW7shSbUKrlmSgb5YUrEDpBbS5Uc514ZMCIna5yPwEXMHcmrrIQeooe3v-30xAd3H8xPUggeo4WsSAmK9EXEsTM30-lY0vF-i20vIhuGmT8_OVVQeTdLYMZqUXZTOSHX4IMx1n_9h9nCI6il2nXJXv1KUE3Jp_ZxRSjPYZkS1GNUmNnF_ThIZenwnCyDFHgRMHw5EtSk0TdfFtOpT0AKX73V83qas38V9k0VcHpnh5e47rjf5u84UCU2Nmdsm1SakV4WeSrNDuLfNFQLsNwhp1l936tdntM7RUvtumC27DW&smid=tw-share

#65 The General on 09.28.22 at 6:29 pm

I ponder how some would feel, if Canada was at war, about our citizens draft dodging? Remember Vietnam? I recall much hatred towards the French, who refused to participate during the gulf War in Iraq. Freedom fries anyone? May I say, we are programmed to hate the latest greatest enemy. How do I know they’re my enemy? Some guy on the boob tube told me so.

Putin says it’s an operation, not a war. What’s your point? – Garth

#66 Sail Away on 09.28.22 at 6:30 pm

#49 IHCTD9 on 09.28.22 at 5:16 pm
#17 Sail Away on 09.28.22 at 3:45 pm

…my first-ever deer haggis experiment has commenced. All looks good. Results to be reported.

——-

Hopefully Haggis tastes better than it reads :)

——-

We’ll see. The filling consists of deer lungs, liver, heart, pork trimmings, caramelized onions and apples, giant western puffball mushroom and seasoning. All cooked separately then combined and run through the grinder before packing back into the stomach like a sausage, sewing shut and boiling.

It’s in the fridge now for Saturday dinner. It’ll be a bit of an event. All are invited. Bring booze.

#67 willworkforpickles on 09.28.22 at 6:38 pm

DELETED (Abusive)

#68 Shawn on 09.28.22 at 6:40 pm

#42 Ronaldo on 09.28.22 at 4:56 pm

Question for Shawn. What are your thoughts on CWB.PR.D at this time? I did buy CWB when you put out the heads up. Down a bit since then but long term should do quite well. Trading at around 60% of book.

****************************
The D rate reset pref share at $24.45 looks good to me. I did not like it above $26 because the bank can redeem it every five years at $25 if they choose.

It has a high reset spread on April 24, 2024 and could be redeemed at $25 at that point.

#69 The General on 09.28.22 at 6:44 pm

I see the mama bear is gathering her cubs, New Russia, into the fold. With many western observers present, the cubs are going home for good. Let the turkey carving begin! Poland, Romania, and Austria sit at the table, securing their bibs.

Your blog privileges are suspended. – Garth

#70 DragonMosca on 09.28.22 at 6:45 pm

“Could there be a better time to buy low? Or deploy the cash you were sitting on when you thought stuff cost too much?”

Yup. Just trimmed my managed futures and long volatility gains and dumped the excess into stocks, bonds and gold.

#71 The real Kip (Ret) on 09.28.22 at 6:49 pm

The stimulus spigots are still wide open. BoE saved the world today. Let’s see what tomorrow brings.

#72 Yukon Elvis on 09.28.22 at 6:52 pm

#25 Edward Shak on 09.28.22 at 4:04 pm
Today in Canada:

your bank is on sale and yields more than a 5yr G’I’C
your utility is on sale and yields more than a 5yr G’I’C
your internet provider is on sale and…oh you get the picture!

Have you got a nose for value?!
++++++++++++
BNS 6.17% dividend. Tax advantaged. Lots of potential upside. Backing up the truck.

#73 50 YEARS OF MAPLE LEAF INCOMPETENCE! on 09.28.22 at 7:03 pm

It’s too soon and too grim to dwell on the outrageous explosion of psychopathic violence and murders in the horrific GTA this month.

But today, on the positive side, marks 50 years since Paul Henderson and Team Canada beat the Soviets in Game 8.

https://www.youtube.com/watch?v=lMf2fAXPS1Q

https://www.thestar.com/sports/hockey/2022/09/28/summit-series-game-8-paul-hendersons-storybook-goal-lifts-canada-in-first-world-series-of-hockey.html

Sadly, Henderson has been repeatedly rejected for induction into the Hockey Hall of Fame, largely because of his connection with Toronthole and the incompetent Make Believes.

But let’s still remember this great moment in Canadian history together. In spite of the other team and city he played for.

#74 The General on 09.28.22 at 7:04 pm

SUSPENDED

#75 Broader Mind on 09.28.22 at 7:08 pm

Can any blog dog out there tell me approximately how many billions of dollars BOC (Canada) would lose for every 1 % yield rise across bonds given that they own almost 50% of them.

#76 The Original Jake on 09.28.22 at 7:30 pm

#51 DOWn on 09.28.22 at 5:41 pm

lol, no surprise… most realtors are hard wired to tell you real estate never goes down cause everyone wants to live here.

#77 Steven on 09.28.22 at 7:35 pm

Yes Man up people.

The Brits blinked today to save their butts er system :

https://www.zerohedge.com/economics/other-reason-boe-panicked-26-all-mortgages-are-variable-rate-and-set-imminent-repricing

Think Canada will do the same? All depends on what the FED tells Tiff to do and WHEN.
Now just wait until the FED blinks…that is all you have to do as once they blink and reverse, hyperinflation here we come….

Just watch what Powell says and does. Be ready only then to go LONG as nothing else will matter. Nothing.

#78 Steven on 09.28.22 at 7:40 pm

Putin says it’s an operation, not a war. What’s your point? – Garth

Semantics Garth, semantics.

Gaming is Gambling, Operation is War.

We are in the era of making anything sound safe and non threatening. Putin is just doing the same as War sounds so hostile and mean. WE just can’t have that can we?

Kinda like the FED saying Inflation is transitory vs Inflation is out of control, or governments lying that there is no long term humanity crisis regarding the lack of easily obtained oil for the masses.

One day at a time, it’s all an illusion and sad joke for the .01% playing on the masses.

#79 Reality is stark on 09.28.22 at 7:43 pm

In the overall scheme of things this is all little stuff.
Putin is about to fall.
Reagan’s dream is coming to fruition.
The seeds are being sown for a spread of democracy.
The world is about to be a much better place.
There is a lot to be optimistic about.
Short term pain for long term gain.
That being said, the short term pain was easy to forecast,
and any seasoned investor knows not to get caught in the vagaries of a dead cat bounce.

#80 ogdoad on 09.28.22 at 7:43 pm

#74 The General on 09.28.22 at 7:04 pm

Oh, c’mon, Garth! General was just getting interesting!

(full.dis. it was either house of dragons or read comments…comments won…)

Og

#81 Jenny on 09.28.22 at 7:45 pm

I don’t know about most Canadians but when they cut interest rates from the 90’s to now 2021 from 12%, 11%, 10% etc. and lower and just a couple of years ago to the bone our family just saved like crazy and have paid all our debts off in less than 10 years. They also jacked up taxes, added new taxes under Ontario NDP Bob Rae, McGuinty, Wynne Liberals that made it even more worse plus much higher property taxes Tory. Now, what they did is our family can not trust them to reverse some of this even if they do it it does not fly with us anymore.

Even now with much higher interest rates for savers, depositors like us we cannot go back like before as saving money is like second nature and we will not be caught off guard with being in debt with high payments, high taxes, high inflation and worry everyday. We max out our RRSPs, TFSAs and other regular cash accounts and buy only what we really need and some other things in life we like and want. We fix alot of our things ourselves, look for discounts and help each other with family, friends on how we can rely on good help and trust with our home, car etc. Turn off the bad news everyday and live our lives.

#82 Lawless on 09.28.22 at 7:47 pm

Not everyday that you read a Robbie Burns reference on a blog post. Well played, sir. Have a great evening.

…. Oh what a panic’s in thy breastie. I wad be laithe to rin and chase the. Wee murd’ring prattle.

#83 Steven Rowlandson on 09.28.22 at 7:47 pm

DELETED

#84 Michel HFX on 09.28.22 at 7:55 pm

I’ve said it before, I’ll say it again. I sure do wish I had been reading this blog 20 years ago. Thanks again for the words of wisdom Garth.

#85 Faron on 09.28.22 at 7:57 pm

#66 Sail Away on 09.28.22 at 6:30 pm
#49 IHCTD9 on 09.28.22 at 5:16 pm
#17 Sail Away on 09.28.22 at 3:45 pm

Tryin’ to recall what Sail Away said regarding talking about food. Something something loafers er other? Anyone else remember?

#86 Wrk.dover on 09.28.22 at 8:00 pm

#53 JSS on 09.28.22 at 5:45 pm
Put the fear aside and why not buy Canadian banks, and insurance life-co’s.
Look at Scotia bank, what a beatdown. Or CWB, Great west life.
___________________________________

I outed BNS for financing resort bartenders new cars in Jamaica where they previously had no cars , months ago.

I put .25% of my worth in each CWB and GWO a month ago for the crazy tall dividends, and they are already as further underwater as banks I bought quite a while ago.

Plus, Garth; thanks for the posting pointing out my chicken tendencies….only half invested.

I know you are pulling for me!

I have no problem imagining the market going above todays levels, often in the sort of near future. I doubt new records will be set by 2024. But I agree, they will be set.

#87 Steven on 09.28.22 at 8:14 pm

Speaking of The Killer.

The last man standing of the million dollar quartet of Sun Record artists, Jerry Lee Lewis birthday is tomorrow.

87 years old. God bless.

Enjoy the documentary “Don’t [email protected]#$with the Lewis’s” on YouTube at your own discretion.

#88 I don’t know on 09.28.22 at 8:14 pm

Fantastic post by our host.

The moaning everywhere is hilarious.

Of course smart people are buying up as many assets as they can.

Quietly, of course.

Everyone else? Found in the fetal position in the corner of the room quivering in quickly depreciating junk (cash) while posting on social media about how tough they are.

People who actually want to make money? Ignore them all.

IDK

#89 Dr V on 09.28.22 at 9:12 pm

72 Yukon

“BNS 6.17% dividend. Tax advantaged. Lots of potential
upside. Backing up the truck.”
——————————————

You’re richer than you think.

#90 IHCTD9 on 09.28.22 at 9:59 pm

#66 Sail Away on 09.28.22 at 6:30 pm
#49 IHCTD9 on 09.28.22 at 5:16 pm
#17 Sail Away on 09.28.22 at 3:45 pm

…my first-ever deer haggis experiment has commenced. All looks good. Results to be reported.

——-

Hopefully Haggis tastes better than it reads :)

——-

We’ll see. The filling consists of deer lungs, liver, heart, pork trimmings, caramelized onions and apples, giant western puffball mushroom and seasoning. All cooked separately then combined and run through the grinder before packing back into the stomach like a sausage, sewing shut and boiling.

It’s in the fridge now for Saturday dinner. It’ll be a bit of an event. All are invited. Bring booze
————-

Well if you weren’t 4600 km away, I’d be tempted. If the haggis (which sounds like a giant giblet sausage) turned out to be unpalatable, perhaps the leftover puffball, pork, and residual hooch would make the occasion nonetheless. :)

Let us know the verdict!

#91 crowdedelevatorfartz on 09.28.22 at 10:10 pm

@#39 Blacksheep
“We are definitely in the week men phase…”
++++
This week or last week?

#92 AM in MN on 09.28.22 at 10:26 pm

#75 Broader Mind on 09.28.22 at 7:08 pm

Can any blog dog out there tell me approximately how many billions of dollars BOC (Canada) would lose for every 1 % yield rise across bonds given that they own almost 50% of them.

———————————————-

The BoC has an agreement with the Govt. of Canada on GoC bonds that the GoC takes the hit when it comes. Not holding my breath for Freeland to add this to the next statement, they’ll try and punt it down the road as long as they can.

I think as of the end of Aug. it was sitting at about C$35B, but still being held at the BoC until the expiry dates.

#93 Russ on 09.28.22 at 10:40 pm

Sail Away on 09.28.22 at 6:30 pm

#49 IHCTD9 on 09.28.22 at 5:16 pm
#17 Sail Away on 09.28.22 at 3:45 pm

…my first-ever deer haggis experiment has commenced. All looks good. Results to be reported.

——-

Hopefully Haggis tastes better than it reads :)

——-

We’ll see. The filling consists of deer lungs, liver, heart, pork trimmings, caramelized onions and apples, giant western puffball mushroom and seasoning. All cooked separately then combined and run through the grinder before packing back into the stomach like a sausage, sewing shut and boiling.

It’s in the fridge now for Saturday dinner. It’ll be a bit of an event. All are invited. Bring booze.
==================================================

Okay, let us know where and the time for dinner.

I can bring potato chips and booze. The chips go into a bowl and I hang on to bag in case I need it after eating…

Cheers, R

#94 Doug in London on 09.28.22 at 11:01 pm

Yes, fear. Shouldn’t fear show itself in the form of investors frantically scooping up stocks and equity ETFs because of fear of missing out on the cheap prices now?

#95 Phylis on 09.28.22 at 11:01 pm

Crud, the sale is over and the stores are closed. I wasn’t done shopping.

#96 Toronto Ghost Town on 09.28.22 at 11:41 pm

Got our slight rent increase again for next year.
Why do people blow all their money buying?
NUTS.

#97 Pain_Trade on 09.28.22 at 11:47 pm

That fear gauge reading of 17 is still not low enough, me thinks.

#98 Bongo Drums on 09.29.22 at 12:37 am

The UK almost had a Lehman event today.

Pension funds almost fried.

Bank of England has no limit on QE and purchases of gilts- their gov bonds. Yup, the central bank is outright purchasing $billions in bonds because there was

No

Bid

But don’t worry, it’s fine…

#99 Ponzius Pilatus on 09.29.22 at 12:50 am

Haggis, like all peasant food everywhere, is delicious.
On my trip to Scotland, 10 years ago, I was searching for the elusive authentic Haggis, and was lucky at a small pub in St. Andrews.
Washed it down with locally brewed Ale.
Perfect.
And no part of the animal is wasted.

#100 Dr V on 09.29.22 at 1:19 am

95 Phylis

“Crud, the sale is over and the stores are closed. I wasn’t done shopping.”
———————————————————

Maybe the sale will continue tomorrow…….

#101 millmech on 09.29.22 at 1:52 am

Lots of people believing markets are going to keep on tanking so why not buy insurance which puts basically are for.
The smart put sellers always sell in high volatility times as premiums are much higher and hope that contract expires worthless, kind of like how Buffet made his billions by collecting insurance “premiums” and reinvesting them in ongoing business concerns.

#102 Jane24 on 09.29.22 at 2:59 am

Well the great British public have finally woken up to the fact that mortgage rates are going up, way up. I cannot believe that it has taken so long to put one and one together. Scaremongering in the press at it’s worse. I knew from the 1980s to protect myself and renewed with a penalty by one remaining mortgage on my AirBnB. I got 30 months for 1.9%. This was 3 months ago.

We lived through one solid month of scaremongering on energy rates before this scaremongering on mortgage costs. I got my new 12 month energy estimate from both electric and gas yesterday for a three bed bungalow. It has gone up by 25% vs the press estimates of 200% to 300%. I will now pay an estimated $3000 Cdn for 12 months of gas and electric. That’s not so bad.

I wish that someone would sue the papers.

#103 under the radar on 09.29.22 at 5:42 am

44- The reduction is BS and is the strategy employed by a not so busy agent, price it way over market and show a drastic reduction by a “desperate seller”.

Rent vs Own – Careful what you wish for, as rents are on fire. Ask anyone looking for a rental.

#104 epic bear on 09.29.22 at 6:57 am

#72 Yukon Elvis on 09.28.22 at 6:52 pm
BNS 6.17% dividend. Tax advantaged. Lots of potential upside. Backing up the truck.
_________________________________

wait till it’s 10%

#105 Shared Chalice on 09.29.22 at 7:32 am

Great news for Democracy everywhere today. 4 beleaguered states that claimed their freedom to join Thier homeland Russia will officially

join Russia on Friday. The referendum was historic. These are Russian people who had been brutally subjugated by Ukrainian facists and Vladimir Putin has helped them, at great cost to himself, to gain thier freedom.

There should be righteous joy in every democratic country . These people fought Ukraine’s boot for over a decade and are finally free. This vote is a shining example of how the ballot box works. Huzzah. finally, Russian speaking people of Donbas can speak thier native tongue without imprisonment. This should give hope and energy to the embattled Anglolphones of Quebec and Conservatives of Alberta who yearn to be free. Vive la Revolution and it’s hero, Vladimir Putin.

#106 Father's Daughter on 09.29.22 at 7:57 am

#103 under the radar on 09.29.22 at 5:42 am
44- The reduction is BS and is the strategy employed by a not so busy agent, price it way over market and show a drastic reduction by a “desperate seller”.

Rent vs Own – Careful what you wish for, as rents are on fire. Ask anyone looking for a rental.
——————————————————————

Agree with you regarding this specific listing. In the few areas around Hamilton/Niagara that I’ve been looking at, many places listed at $1.4 or so in the spring slowly dropped their prices by about $100K a couple of times, and finally accepted around $950. I’ve seen this play out many times. Multiple open house attempts. They would have gotten their $1.5 during the peak.

#107 crowdedelevatorfartz on 09.29.22 at 8:38 am

@ General Mayhem
“From what I see, telling the truth ruffles some feathers, so I will continue, until father takes me to the woodshed.”

+++
Are there wolf spiders in the woodshed?

https://www.google.com/search?rlz=1C1OCLT_enCA758CA758&q=How+big+are+wolf+spiders+in+BC%3F&sa=X&ved=2ahUKEwiX38aEgrr6AhU6MjQIHdKfDzQQzmd6BAgJEAU&biw=1140&bih=599&dpr=1

#108 TurnerNation on 09.29.22 at 8:41 am

Same script in every Former First World Country. March 2020 kicked off the orderly planned wind-down. Believe it.
Controlling us via “Energy” sending us back to the stone ages. Say we back to 2019 normal yet?
Trust the Science!!?? What they done for us.

.Ontario trying to delay shutdown of Pickering nuclear station amid electricity ‘supply crunch,’ sources say (thestar.com)

————
We pay high taxes for our social saftey net like Border Guards! Totally worth it. Secure borders.

A mainstream link for the Normies and Pearl Clutchers.

How cute, there are “unofficial entry points”. NGOs fly them in from overseas and pay for taxis to drop them off.

https://www.reuters.com/world/americas/border-crossing-asylum-seekers-hit-six-year-high-canada-2022-09-27/
Border-crossing asylum-seekers hit six-year high in Canada
TORONTO, Sept 27 (Reuters) – The number of asylum-seekers entering Canada between formal border crossings has surged to the highest point since the government started tracking them in 2017…In the first eight months of 2022, Royal Canadian Mounted Police intercepted 23,358 asylum-seekers crossing into the country at unofficial entry points,

#109 ImGonnaBeSick on 09.29.22 at 9:14 am

#66 Sail Away on 09.28.22 at 6:30 pm
#49 IHCTD9 on 09.28.22 at 5:16 pm
#17 Sail Away on 09.28.22 at 3:45 pm

…my first-ever deer haggis experiment has commenced. All looks good. Results to be reported.

——-

Hopefully Haggis tastes better than it reads :)

——-

We’ll see. The filling consists of deer lungs, liver, heart, pork trimmings, caramelized onions and apples, giant western puffball mushroom and seasoning. All cooked separately then combined and run through the grinder before packing back into the stomach like a sausage, sewing shut and boiling.

It’s in the fridge now for Saturday dinner. It’ll be a bit of an event. All are invited. Bring booze

Don’t forget the oatmeal.

#110 ImGonnaBeSick on 09.29.22 at 9:20 am

#85 Faron on 09.28.22 at 7:57 pm
#66 Sail Away on 09.28.22 at 6:30 pm
#49 IHCTD9 on 09.28.22 at 5:16 pm
#17 Sail Away on 09.28.22 at 3:45 pm

Tryin’ to recall what Sail Away said regarding talking about food. Something something loafers er other? Anyone else remember?

No, and no one cares but you for some reason…

Hey, I’ve got a great idea there champ! Why don’t you run your scraper and give us the exact quote so we can all “Gotcha!” him? Won’t that be fun, and totally show him what a hypocrite he is?

#111 crowdedelevatorfartz on 09.29.22 at 9:29 am

CBC has put it in writing.
Their reporters don’t have to be objective.

https://nationalpost.com/news/canada/first-reading-cbc-reportedly-considering-dropping-requirement-for-journalistic-objectivity

All to combat “systemic racism”.

It’s good to know Pravda has a satellite office funded by the Canadian taxpayer and all pretext pretending that the CBC has “journalistic objectivity” is now official policy .

#112 Brian on 09.29.22 at 9:34 am

Canada’s mortgage rates shot upward on Tuesday, with a crisis in the United Kingdom spreading to the markets in the United States and Canada.

As yields surged in the UK, investors in the U.S. and Canada demanded higher yields as well, with Canadian mortgage rates following soon thereafter.

The Bank of England has since intervened in the market, restarting another round of what is essentially quantitative easing – buying up an unlimited number of gilts (or UK Bonds) in order to keep prices low. Canadian bond yields have since retreated, though mortgage rates have not followed suit.

https://www.youtube.com/watch?v=H3NcHKmof98

#113 crowdedelevatorfartz on 09.29.22 at 9:35 am

@#38 SJW
“Please be more inclusive, that is human up.”

+++
Please be even MORE inclusive.
If we are to be totally gender neutral.
“People up” doesn’t include a man.

#114 the Jaguar on 09.29.22 at 9:49 am

Who knew Doug was so influential?

“Apple Inc. is backing off plans to increase production of its new iphones this year after an anticipated surge in demand failed to materialize, according to people familiar with the matter.

The company has told suppliers to pull back from efforts to increase assembly of the iphone 14..”

#115 Sail Away on 09.29.22 at 9:53 am

Re: Haggis

#93 Russ on 09.28.22 at 10:40 pm

Okay, let us know where and the time for dinner.

I can bring potato chips and booze. The chips go into a bowl and I hang on to bag in case I need it after eating…

Cheers, R

——–

Anytime after 6 at the estate. Don’t worry about the chip bag- we have 3 dogs and no meat-based food ever goes to waste around here!

#116 Dharma Bum on 09.29.22 at 10:06 am

#25 Edward Shak

Have you got a nose for value?
—————————————————————————————————–

Yup. It’s a REAL BARGOON!!!

https://www.facebook.com/Retrontario/videos/rip-eddie-shack-a-retrontario-tribute/4500787433279842/

Thanks for the memories!

#117 Yukon Elvis on 09.29.22 at 10:35 am

#104 epic bear on 09.29.22 at 6:57 am
#72 Yukon Elvis on 09.28.22 at 6:52 pm
BNS 6.17% dividend. Tax advantaged. Lots of potential upside. Backing up the truck.
_________________________________

wait till it’s 10%
++++++++++++
Haha. Too late . Bought some this AM @ 6.17%. Will buy again for sure @10%.

#118 Dr V on 09.29.22 at 10:37 am

Looks like the sale is still on this morning.

#119 Blacksheep on 09.29.22 at 10:51 am

@#39 Blacksheep

“We are definitely in the week men phase…”
++++

This week or last week?
—————————–
I was referring to the weak before, the weak you asked about : )

#120 Ponzius Pilatus on 09.29.22 at 11:08 am

117 Yukon Elvis on 09.29.22 at 10:35 am
#104 epic bear on 09.29.22 at 6:57 am
#72 Yukon Elvis on 09.28.22 at 6:52 pm
BNS 6.17% dividend. Tax advantaged. Lots of potential upside. Backing up the truck.
_________________________________

wait till it’s 10%
++++++++++++
Haha. Too late . Bought some this AM @ 6.17%. Will buy again for sure @10%.
——————————-
Good for you.
But make sure donate some to the Ukraine cause.
Or is it just talk?

#121 Ole Doberman on 09.29.22 at 11:18 am

Ummm does anyone know why the markets continue to drop this a.m?
I’m starting to worry…

Stop looking. Issue solved. – Garth

#122 Quintilian on 09.29.22 at 11:43 am

#121 Ole Doberman on 09.29.22 at 11:18 am
“Ummm does anyone know why the markets continue to drop this a.m?
I’m starting to worry…”

Just some very rich dudes meddling with futures to scare off the amateurs.
It is just a casino.

#123 Linda on 09.29.22 at 11:46 am

#52 ‘Don’ – so now I’m curious. How much was the cookie? Inquiring minds want to know.

#61 ‘Habitt’ – aww:)

#21 ‘Adam’ – Canada does have gold. Gold mines, that is so don’t see why there is a need to own more of what we already have.

#124 Yukon Elvis on 09.29.22 at 11:47 am

#120 Ponzius Pilatus on 09.29.22 at 11:08 am
117 Yukon Elvis on 09.29.22 at 10:35 am
#104 epic bear on 09.29.22 at 6:57 am
#72 Yukon Elvis on 09.28.22 at 6:52 pm
BNS 6.17% dividend. Tax advantaged. Lots of potential upside. Backing up the truck.
_________________________________

wait till it’s 10%
++++++++++++
Haha. Too late . Bought some this AM @ 6.17%. Will buy again for sure @10%.
——————————-
Good for you.
But make sure donate some to the Ukraine cause.
Or is it just talk?
++++++++++
I started donating on day 3 of the war. How about you?

#125 DON on 09.29.22 at 12:17 pm

#120 Ponzius Pilatus on 09.29.22 at 11:08 am

Uncle Ponzi where the hell have you been?

The hordes were at the gates of greater fool while a civil war threatened to break out in the comments section. We lost The General to the dark side and someone conjured up I DON’T KNOW for a mandatory suckup and a knife for those that do have a clue. For DOGS sakes Garth had to release the hounds to bring order. The Amazons had to fill in for you.

Uncle Crowded missed you as well! I know he did. He was busy holding up middle blog with the alumni.

Did you happen to go on any under water excursions in the last while?

#126 DON on 09.29.22 at 12:19 pm

#113 crowdedelevatorfartz on 09.29.22 at 9:35 am
@#38 SJW
“Please be more inclusive, that is human up.”

+++
Please be even MORE inclusive.
If we are to be totally gender neutral.
“People up” doesn’t include a man.

*********

I propose Human up!

#127 Ole Doberman on 09.29.22 at 12:24 pm

#121 Ole Doberman on 09.29.22 at 11:18 am
Ummm does anyone know why the markets continue to drop this a.m?
I’m starting to worry…

Stop looking. Issue solved. – Garth
———————————————————-
Then how come legendary billionaire Carl Icahn just called an epic crash the likes of Rome?!
I don’t think he became rich by being stupid…

https://finance.yahoo.com/news/billionaire-investor-carl-icahn-warns-165840843.html

Icahn does that every few months. He’s old and scared. Nobody listens any more. – Garth

#128 Ustabe on 09.29.22 at 12:31 pm

#123 Linda on 09.29.22 at 11:46 am

#21 ‘Adam’ – Canada does have gold. Gold mines, that is so don’t see why there is a need to own more of what we already have.

For years while out camping either family trips or just Dad and the Boys we took and used our gold pans. Add in a test tube or two and what is called a snuffer bottle (small suction thing) that pulls small flakes and dust out of the gold pan, it made for leisurely activity time while in the back country.

Turns out I have 7 Heinz baby food jars that range from half to 3/4 full of unrefined gold dust and flakes.

So let Adam know that if he needs some gold I’m his guy.

#129 crowdedelevatorfartz on 09.29.22 at 12:39 pm

The Lower Brainland beats ever higher records for North Americas most expensive gas.

$2.39.9 for regular gas today.

A friend spent $250 to fill his GMC Duramax diesel the other day.

We’re so happy to pay for the transit Levy, Carbon Tax, on and on and on….because we KNOW 100% of those tax dollars go directly to saving the environment and absolutely nothing else……

#130 DON on 09.29.22 at 12:45 pm

#123 Linda on 09.29.22 at 11:46 am
#52 ‘Don’ – so now I’m curious. How much was the cookie? Inquiring minds want to know.

$1 of pure sugar. The only other choice was candy or a sugar muffin at $2.25.

The guy at the counter asked if I wanted a drink with that. I couldn’t afford the drink.

Challenge for all…forget your wallet and take only a ten dollar bill and try and find a lunch option…drink and food.

#131 Ole Doberman on 09.29.22 at 1:01 pm

#127 Ole Doberman on 09.29.22 at 12:24 pm
#121 Ole Doberman on 09.29.22 at 11:18 am
Ummm does anyone know why the markets continue to drop this a.m?
I’m starting to worry…

Stop looking. Issue solved. – Garth
———————————————————-
Then how come legendary billionaire Carl Icahn just called an epic crash the likes of Rome?!
I don’t think he became rich by being stupid…

https://finance.yahoo.com/news/billionaire-investor-carl-icahn-warns-165840843.html

Icahn does that every few months. He’s old and scared. Nobody listens any more. – Garth
———————————————————-
Thanks for the hand holding Gartho, but that doesn’t explain another guru calling for collapse – Rich Dad Robert Kiyosaki!

https://www.hitc.com/en-gb/2022/09/28/robert-kiyosaki-claims-biggest-financial-crash-since-1990-is-on-the-way/

Fresh only 23 hours old – yikes!

Kiyosaki? Seriously? Google the guy. He wants you to invest in gold and cows. – Garth

#132 Faron on 09.29.22 at 1:15 pm

#129 crowdedelevatorfartz on 09.29.22 at 12:39 pm
The Lower Brainland beats ever higher records for North Americas most expensive gas.

$2.39.9 for regular gas today.

those extra decimals are expensive.

#133 bdwy on 09.29.22 at 1:15 pm

#121 Ole Doberman on 09.29.22 at 11:18 am
Ummm does anyone know why the markets continue to drop this a.m?
……………

because they are nowhere the bottom yet?
yesterday was a uk printer pump, but indicates bigger problems.

used the pop to go from 73 to 90% cash. usd of course.

3200 sp500 is coming.

#134 bdwy on 09.29.22 at 1:32 pm

no epic crash, but the higher rates will cause stumbles and fumbles. jpow is ok with that and keeps hiking as inflation will be sticky.

market will absorb it eventually but we still have rate hikes ahead so markets fall to sp3200 or lower.

#135 crowdedelevatorfartz on 09.29.22 at 1:33 pm

@#125 DON
“Uncle Crowded missed you as well! I know he did.”
+++
I was a tad concerned I must admit.
But rumor has it Ponzie flew first Class to London to sign the condolences book.
P.S.
You’ve known me long enough.
It’s ok to called me Uncle Fartzy.

#136 Steven Rowlandson on 09.29.22 at 1:55 pm

At what point do governments feel the pain from rising rates in the light of their debts? And if they don’t clean up their act and get cut off what are their options?

#137 Ole Doberman on 09.29.22 at 2:07 pm

Thanks for the hand holding Gartho, but that doesn’t explain another guru calling for collapse – Rich Dad Robert Kiyosaki!

https://www.hitc.com/en-gb/2022/09/28/robert-kiyosaki-claims-biggest-financial-crash-since-1990-is-on-the-way/

Fresh only 23 hours old – yikes!

Kiyosaki? Seriously? Google the guy. He wants you to invest in gold and cows. – Garth
—————————————————————
Garth is right, Rich Dad is just another gold bug whose been rehashing the same message for 10 years!

#138 Um no on 09.29.22 at 2:10 pm

#114 the Jaguar on 09.29.22 at 9:49 am
Who knew Doug was so influential?

“Apple Inc. is backing off plans to increase production of its new iphones this year after an anticipated surge in demand failed to materialize, according to people familiar with the matter.

The company has told suppliers to pull back from efforts to increase assembly of the iphone 14..”

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

Better check your sources.

Apple is reducing production of the iPhone 14 (the lower-end model) to shift more to the iPhone 14 Pro (the higher-end model) because…that’s where the demand is.

In other words, people prefer the $1500 phone over the $1000 phone.

Poor Apple hahah!

In other words your story, like so many others here, is telling literally the opposite of the message you think you’re conveying lol.

#139 Gilt on 09.29.22 at 2:21 pm

The UK Gilt is rising to 4.25% as I type.

I guess the plunge protection team at the BoE didn’t work to protect the pensions of the bloated public sector class?

#140 Ole Doberman on 09.29.22 at 2:25 pm

#133 bdwy on 09.29.22 at 1:15 pm
#121 Ole Doberman on 09.29.22 at 11:18 am
Ummm does anyone know why the markets continue to drop this a.m?
……………

because they are nowhere the bottom yet?
yesterday was a uk printer pump, but indicates bigger problems.

used the pop to go from 73 to 90% cash. usd of course.

3200 sp500 is coming.
—————————————————————-
DOW is showing signs of bottoming as it’s drawing the line in the sand at 29K. International capital flows love the DOW, and seek safe harbour in US funds especially fleeing war zones like Europe currently.

#141 the Jaguar on 09.29.22 at 2:56 pm

@#138 Um no on 09.29.22 at 2:10 pm ++++

Don’t shake my tree Apple Fan.
The excerpt is from an article in the National Post. And while it does say demand is higher for the iPhone 14 Pro, is also says this:
‘Apple shares fell 1.27 per cent in New York Wednesday to close at US$149.84. The shares are down 18 per cent this year, compared with a 23-per-cent drop in the S&P 500 Index. China, the world’s biggest smartphone market, is in an economic slump that’s hit its domestic mobile device makers and also affected the iphone’s sales.’
The point of the post was humour vis avis Doug’s recent weekend post, but for Apple Devotees any negative news appears to shake their self confidence, lol.. I could care less as I don’t and won’t own an iPhone.

#142 in ottawa on 09.29.22 at 3:19 pm

Looked at this:
MLS #1311376
354 Haileybury Street
Ottawa

5 bed 4.00 bath n/a sqft

$699,000
Your est.* $2,333 /mo
For Sale
Added 12 days ago
Price change on Sep 28: – $200,900

#143 Linda on 09.29.22 at 3:30 pm

#130 ‘Don’ – now that IS a challenge! I wonder how healthy choices would compare price wise to junk food? Thanks to your input, we now know one can buy a cookie for $1 but $3 isn’t enough to buy a cookie AND a beverage. I think I could get a healthy choice lunch with beverage from a local grocery store for $10 or less even now.

#144 Pulp Faction on 09.30.22 at 3:05 am

I hope you have a short position on Facebook/Meta because my crystal ball is always right.
IBM, Intel, going to get schneidered like GE after swallowing tons of combustible cash.

Apple is going to reinvent itself once again.
It doesn’t matter about debt.
Government has the power of taxation, Apple has the power of innovation.
You have no idea what’s coming next.
You can’t sit on all those brains and experience and not kill it.
Jobs drove everybody to their best and they achieved that.

You bums never listen, but you cheated off me in math and computer lab. Bobos