Stock markets are pretty good barometers. Sure, earnings, events, politics, technology, the economy and loads of data drive prices. But even more powerful are emotions. Investors are people. People are slaves to their nature. We do most things as a result of two sentiments. Greed. Or fear. Of those two, hands down, fear dominates.
People generally buy stuff when they’re confident and, well, greedy. Fear fuels selling. And turtling. Both emotions can override all else. In 2021, greed made people buy houses they couldn’t afford because real estate always goes up. Fear made depositors start a run on the assets of Silicon Valley Bank because they smelled trouble – which their own actions guaranteed.
By the way, here’s the market fear/greed index (thanks to CNN Business) as of this morning:
How is this arrived at?
It’s complicated. The needle above represents volatility, as measured in part by the VIX. It’s been spiking lately. No wonder. Also taken into account is market momentum, measured by indices like the S&P 500 and its moving averages (over 50, 100, 125 or 200 days). Add in the number of new highs and lows being set by individual stocks (called price strength). Plus the volume of puts and calls as investors place bets. Additionally, the gauge measures the inflow of capital to safe assets, like government bonds, and out of equities. Throw some teriyaki sauce over it all and, voila!, the index is made.
So how shall we deal with this heightened level of uncertainty, doubt and fear?
Essentially by ignoring it. Investor sentiment is meaningful if you buy and sell stocks on a daily basis, trying to make bank on mispricings, speculation or because you’re the smartest guy in the room (you’re not). On a longer-term basis, the impact of emotion on markets is meaningless. What matters more is the economy, which determines corporate performance and is impacted by interest rates, trade, fiscal policy and stuff you can never influence nor be certain of.
The best rules never change. Invest when you have money. Stay invested. Let time do the heavy lifting. The longer you have, the better you will do. Start immediately. Ignore the news. Never watch BNN. Or listen to people like Jim Rogers, Jeremy Grantham or David Rosenberg. They make suicide seem like a fun thing.
Most people, sadly, are paralyzed by feelings.
A Scotia survey the other day found 55% of Canadians polled said they were stressed because retirement plans were “impacted by current economic conditions.” Almost 60% said they felt negative and worried about their investments. Three in four of us have no kind of written or structured financial plan.
Odds are these folks have self-paralyzed. They worry markets may go down, so they stop investing (instead of putting money in now when things cost less). They eschew RRSPs and TFSAs reaping the benefits of taxless long-term growth, or put money into GICs paying 5% (full taxable) when inflation is 6%.
There’s only one reason to explain this behaviour. Fear. It’s on glorious display daily in this blog’s comments section. When markets fall, people assume they’re going to zero. Instead of finding assets more attractive because they cost less, folks find them terrifying because they’re not going up. Ditto with real estate. When prices peak, so do sales volumes. When it takes 30% less money to buy the same real estate, buyers run for cover.
Emotions are not your friends. They blind judgment, poison rationality, irritate your spouse and lead to an uncertain outcome. It’s precisely why so many buy high and sell low, or never buy at all.
Besides, emotions just tanked a few financial institutions. Without fear there would never be a bank run. And no collapse.
Later this week we’ll ask: what if it happened here?
In the meantime, chill.
About the picture: “Recent visit to Red Deer-to see the grand dogs,” writes the Blog Dog known as Dharma Bum. “Foreground River (Shepherd Belgian Malenois mix), Sunny (Husky Shepherd Lab mix) and in the background, a foster, Dutchess (German Shepherd). Cozy.”
109 comments ↓
“A Scotia survey the other day found 55% of Canadians polled said they were stressed because retirement plans were “impacted by current economic conditions.””
I was more shocked that 55% of Canadians actually think they’ll BE ABLE TO retire. Is that roughly the proportion that has a defined pension, or who are public sector workers?
Most people I know are baking on their rich parents not spending the whole inheritance, or that their house will provide a windfall profit for their retirement. But certainly nobody expects to be able to save and invest enough to be able to do it.
Do preferred shares still have a role in this environment? I am deeply underwater with ZPR.
They pay you to own them. Be patient. – Garth
Thank you again Garth for your wisdom and sage advice.
Very much appreciated.
DolceVitaGPT:
Can you Zen today’s Blog for me …
Essentially by ignoring it (heightened level of uncertainty, doubt and fear).
Stay invested.
In the meantime, chill.
——–
Grazie for the wise words.
And ya I did that.
I look at that Fear Index and know it’s the best time to buy when it’s low. The last 2 years haven’t stopped buying and will keep buying.
On recent investment news ,my “favourite” ETF category has 2 new additions with more to come. Yield max ETF has launched TSLY ( Tesla) and OARK ( based ofcourse on ARKK) synthetic overed calls ETF’s ,just 2 of the 12 targeted to launch with yields of rounded 60% and 70%(yes Seventy – not an error ).
Ofcourse little mentioned is the return of so far -40% on price.
There ya go ,back up the truck and pray they last a whole year and maybe yu can break even after taxes down the road. I wonder who approves these …. oh well, a fool and his money.
Still think Garth and team should dedicate a blog post to this modern snake oil category.
#2 Jackson Hole
In response to Garth.
ZPR since inception (Nov 14, 2012) on $10000.00 invested is now worth approx $10525.00.
Seems like a crap investment to me?? $500.00 gain in 10 years?
Cherry-picking. The asset paid dividends every single year, with a tax break. Add those in. – Garth
How come we don’t discuss the market vs. real estate over the last 5 years or even over the past 18 months. It feels like Real Estate popped in Covid, then lost a lot. But the market just declined and hasn’t bounced back. Can you discuss this a bit more? I am confused.
In simple terms – pre-covid house was $1M, then rose to $1.5M in Covid, and now declined to $1.2M. The same $$$ in a diversified portfolio was $1M pre-covid, the dropped to $850K in Covid, and now is $900K with the bounceback. Seems if I had $1M prior to Covid, and I bought RE, even with closing, etc. I would still be way ahead. I am pretty sure same principle would apply in the last 5 or 10 years. Am I wrong here? Explain?
It’s not a race. Own both. – Garth
#150 4 out of 3 people find math hard on 03.20.23 at 1:49 pm
121Faron:The Washington Post is owned by Bezos,a Musk wannabe. At least try to scratch the surface before you shout fraud, it will marginally improve your own credibility.
—
You didn’t read the article, did you? Too afraid? Sounds like a conspiracy theory there bub. Care to back up your claim that Bezos takes thr editorial reins at the WaPo? GL!
Simplest answer is that Elon has been fraudulently selling non-functional FSD and related tech to boost TSLA’s price. I mean, the SEC and various federal agencies are very interested.
Normally Nonplused does not comment a whole lot on the Kelowna or Victoria property markets, but today I think I will, at the risk of getting reprimanded by Garth (again).
The first principle we must all understand and acknowledge is thus: Unless you are a member of a treaty nation in Canada you are not by birth guaranteed a specific place of residency anywhere in Canada. Being “born” in Kelowna does not mean you have any sort of right to reside there by birth, any more than being born in New Brunswick gives you a right to all the free lobster you can eat. You have to earn your way in just like everyone else.
With that out of the way, let’s discuss just exactly how you too, no matter who you are or where you are from (even Saskatchewan) can buy your dream home in Kelowna or Victoria. It’s easy. People been doing it for 50 years or more. I have walked among them. I know them. I saw what they did.
Step 1. Get a STEM degree, or otherwise make yourself useful. Even a teacher or police officer can do this if they watch their money. But don’t go crazy on the student loans. And if you get married, stay married.
Step 2. Move to Alberta and get a job. You can buy a house, raise a family, enjoy nature, and visit BC on the weekends. Some of those Alberta jobs might even give you overseas opportunities in the US or Europe or even the Middle East and now you are really banging the bucks.
Step 3. Get a Garth ™ portfolio and save diligently.
Step 4. Retire at 55 or 60, cash in your Alberta real estate, and move to Kelowna or Victoria. Mission accomplished! You too can now live the life.
As a bonus step, say you are really banging the bucks at some point in your career, you can buy that dream home early and use it as a vacation home. Of course, the BC government will penalize you severely for doing so, but you save a lot on cruises, Disneyland, and other useless junkets. Do your own math.
Now I know you are asking “Nonplused, why didn’t you explain this earlier? It makes so much sense! It’s so easy!” Well, it is free advice, and you get what you pay for. And most of you are behind on your subscription. And some of you I don’t even really like. And some others will be angry that I gave away the secret. But now it’s yours, so you have no excuse. If you want it, it is there for you. And it’s not even the only way! It is but one of many.
Now go out there and get those houses! In Kelowna! Right on “Alberta Boulevard” overlooking the lake! I’m happy for you, and happy to help.
AT1 -coco’s
https://www.theguardian.com/business/2023/mar/20/at1-bank-bonds-credit-suisse-bondholders-cocos
Salut Bossman.
The most efficient WFH Employee here.
Nope still I cannot commute into the office.
It would be, well wrong
https://www.latimes.com/california/story/2023-03-07/air-pollution-driving-study-los-angeles
“Researchers from the USC Sol Price School of Public Policy concluded that residents of wealthier, whiter areas exported air pollution to the neighborhoods around their commutes.”
Signed, WFH EVER.
———————–
“”The Globe and Mail reports in its Monday edition that the days when life centered around the five-day office week appear to be gone, disrupting the foundation of downtown Toronto. … As of early March, the percentage of employees in Toronto’s financial hub averaged 43 per cent of prepandemic occupancy levels, according to Strategic Regional Research. That is the highest level of occupancy since the pandemic started a dismal sign of the slow return to the office. The busiest day of the week was on a Wednesday, when volume was 55 per cent of prepandemic occupancy, and the slowest day was a Friday at 32 per cent. Foot traffic in downtown Toronto is about 40 per cent of prepandemic levels. RBC chief executive officer Dave McKay says there is a loss of productivity from remote work. So far, however, the large financial-services firms have not mandated a five-day return to the office. Even if that were to occur, Mr. McKay said earlier this month he does not think office life will return to prepandemic levels.
© 2023 Canjex Publishing Ltd. All rights reserved.””
It’s not a race. Own both. – Garth
This is correct. All things in balance. And the best time to buy is when there’s blood in the streets. I never invest with leverage, but I’m prepared to if I ever see the lows of 2008/2020 again. Was too broke and inexperienced in 2008, was flat footed without enough liquidity at the ready in 2020. But it won’t pass me by again if it happens. Until then, I’ll just do as Garth says and invest when I have money.
DELETED (Get lost)
“Without fear there would never be a bank run. And no collapse.”
Not true Garth, sometimes they collapse because they invest in bonds with negative real yields.
Patently untrue. – Garth
Well, thank goodness the ‘grand-dogs’ aren’t the enemy because they look to be in possession of some healthy teeth:)
As for the fear index, I’m beginning to think that thing is stuck on high. Can’t turn around without someone raising a panic over something or other, the vast majority of which none of us have the slightest control over. Atmospheric rivers? Earthquakes? Investors going goo-ga over whatever is the latest woeful headline? Just breathe, people. It amazes me that any of us reach old age, all this constant panic should see most of us dropping dead from stress related ailments long before OAS kicks in.
“Plus the volume of puts and calls as investors place bets.”
The options market isn’t as inciteful as it is deemed to be. This is because modern options traders of the modern school of financial wizardry use a theory called “put-call equivalency”. What is that exactly? Well, instead of “delta hedging” by buying or selling the underlying, with the magic of a spreadsheet you determine that if you have to much exposure to short calls (you sold them), you sell more puts! The book just grows and grows, saved from infinity only by expiry, but your delta is always balanced! And it kind of works until one side or the other goes “no bid”. But no worries, they can’t claw back last year’s bonus.
Garth…. GICs paying 5% (full taxable) when inflation is 6%.
**************
With one exclusion – TFSA GICs – zero taxable. But…. amount of TFSA not too big for now
As economist Allan Meltzer said “capitalism without failure is like religion without sin. It doesn’t work.”
For the last few decades, the ‘Fed Put’ has squeezed fear out of the market by printing money and socializing risk, while leaving profits private.
It’s good to see fear, risk, failure, and reality return to the markets. It’s a good thing. Welcome back.
#6EElGatoNeroYVR
Holy Holopchi Batman …
YieldMax Announces Monthly Distributions on TSLY and OARK ETFs
https://finance.yahoo.com/news/yieldmax-announces-monthly-distributions-tsly-130000321.html
Definitely worth a stock prospectus read, i.e., There are no REML and/or Bernie Madoff clauses.
How do you find this sh!t ???
I liked the stock tickers.
Someone at YieldMax has a sense of humor, maybe even dark.
Emotions are a barometer, not truth, not factual, frequently wrong and a terrible basis for decision making, from investments to religion to sex.
#10 Nonplused
********
Did you try to do like you recommend for others?
Most People are just sheep. Bahhh Bahhh!
Especially evident if you’ve even witnessed the behaviour of Commuters on the GO train during the many Delays and Cancellations.
GO train Sheep….
#10 Nonplused on 03.20.23 at 3:07 pm
Normally Nonplused does not comment a whole lot on the Kelowna or Victoria property markets, but today I think I will, at the risk of getting reprimanded by Garth (again).
The first principle we must all understand and acknowledge is thus: Unless you are a member of a treaty nation in Canada you are not by birth guaranteed a specific place of residency anywhere in Canada. Being “born” in Kelowna does not mean you have any sort of right to reside there by birth, any more than being born in New Brunswick gives you a right to all the free lobster you can eat. You have to earn your way in just like everyone else.
With that out of the way, let’s discuss just exactly how you too, no matter who you are or where you are from (even Saskatchewan) can buy your dream home in Kelowna or Victoria. It’s easy. People been doing it for 50 years or more. I have walked among them. I know them. I saw what they did.
Step 1. Get a STEM degree, or otherwise make yourself useful. Even a teacher or police officer can do this if they watch their money. But don’t go crazy on the student loans. And if you get married, stay married.
Step 2. Move to Alberta and get a job. You can buy a house, raise a family, enjoy nature, and visit BC on the weekends. Some of those Alberta jobs might even give you overseas opportunities in the US or Europe or even the Middle East and now you are really banging the bucks.
Step 3. Get a Garth ™ portfolio and save diligently.
Step 4. Retire at 55 or 60, cash in your Alberta real estate, and move to Kelowna or Victoria. Mission accomplished! You too can now live the life.
As a bonus step, say you are really banging the bucks at some point in your career, you can buy that dream home early and use it as a vacation home. Of course, the BC government will penalize you severely for doing so, but you save a lot on cruises, Disneyland, and other useless junkets. Do your own math.
Now I know you are asking “Nonplused, why didn’t you explain this earlier? It makes so much sense! It’s so easy!” Well, it is free advice, and you get what you pay for. And most of you are behind on your subscription. And some of you I don’t even really like. And some others will be angry that I gave away the secret. But now it’s yours, so you have no excuse. If you want it, it is there for you. And it’s not even the only way! It is but one of many.
Now go out there and get those houses! In Kelowna! Right on “Alberta Boulevard” overlooking the lake! I’m happy for you, and happy to help.
———
Most of the above makes sense. One thing doesn’t though.
“Retire at 55 or 60, cash in your Alberta real estate, and move to Kelowna or Victoria. Mission accomplished! You too can now live the life.”
Sell your house and move away from all social connections you’ve built up. Is that really “living the life”?
Sounds lonely. Are Canadians really so anti-social that they see this as “living the life”?
The Ides of March have been busy at work for days now.
Disasters lie ahead.
Putin and Xi, calling each other “Dear Friend” are having an extended meeting in Moscow this week. Getting ready for a bigger war.
“China and Russia “share similar goals,” President Xi Jinping said in a meeting with President Vladimir Putin on Monday during a visit to Moscow.”
https://www.cnn.com/europe/live-news/russia-ukraine-war-news-03-20-23/index.html
And Trump is prepared to blow up America, upon his expected arrest tomorrow.
https://www.cnn.com/2023/03/19/opinions/trump-call-for-protests-obeidallah/index.html
As banks seem instable or about to crumble, markets flutter, and fear destabilizes all.
Hours matter. Do not waste them.
PREPARE
#7 Brad
Div yield 5.68%
YTD 1.17%
Expense Ratio (net) 0.00%
Beta (5Y Monthly) 1.06
For what amounts to a brain dead cheapo safe investment, your + plus for the year, quit whining. You want more cash, up the Beta in your investing. Risk, Reward.
Anybody that buys a ZPR loathes risk so be happy instead.
Good writeup, Garth. Fear is the best emotion. It’s like a ringing dinner bell.
In Ranger school desert phase survival training, the instructor had our group hunker down on a hill among the mesquite for hours and hours until a hawk dove and we could hear the rabbit squalling. Then we boogied over there and deprived the hawk of its meal. Situation-specific opportunism. This worked because hawks could kill jackrabbits but could not easily pick them up and fly away.
Charlie Munger says ‘Great investing requires a lot of delayed gratification’.
When overall markets are low, like now, buy. When sectors are low for no fundamental reason, also buy. Then relax and receive your just desserts at some point down the road, at which time you can do whatever you want.
Simple. Properly-exploited fear is a great benefit.
Credit Suisse – done, bankrupt through a forced merger with UBS. Although in official statements they carefully tried to avoid the expression ‘bankruptcy’, but you need to call the events as they are.
For a number of reasons and circumstances, the further continuation of the activities of Credit Suisse became impossible.
The 166-year history of the bank ended almost instantly.
The largest bank liquidation in Swiss history, the largest bankruptcy by assets since Lehman Brothers, and the largest bank collapse in Europe.
The bank, which has the highest liquidity coverage ratio (about 50%), went under in just a week after a massive reputational blow, a flight of customers/investors and the closing of limits on the bank by leading financial counterparties.
In fact, UBS is buying out for 3bn a bank with over 530bn francs in assets and over 120bn cash position, backed by a 100bn cash gap guarantee from the SNB and a 9bn loss from the government – a phenomenal deal for UBS.
The merger of the transaction was carried out without the approval of the shareholders!!!!!!!! with all conceivable and unimaginable violations of formal protocols in an extremely short period of time!!!!!!!
This is the fastest takeover of a bank of this level in the history of the banking industry (from the moment of acute problems), both in Europe and in the USA.
Recently, a previously unseen innovation has appeared – ultra-fast bankruptcy and takeover of banks, which rather further disorients and destabilizes the market, because. it is not clear what other victim will fall under this amazing invention?
The banking crisis is growing. The Fed, in coordination with other Central Banks (ECB, Bank of England, Bank of Japan, SNB, and CB Canada) on Monday announced an expansion of liquidity provision through swap lines in an attempt to avoid a liquidity crisis and a shortage of dollars in the system.
The global banking crisis is spreading its tentacles to a growing range of countries, finding new victims. What began in early March harmlessly enough with the Silvergate crypto-bank – two weeks later led to the collapse of a financial monster like Credit Suisse.
Who is next???????
In 2008, the events were separated in time by 9-12 months, now the count goes by days.
#22 VladTor on 03.20.23 at 3:35 pm
#10 Nonplused
********
Did you try to do like you recommend for others?
————————–
No, I skipped step 4, Victoria’s too sleepy and isolated for me and Kelowna is frankly a half-assed tourist town in the middle of nowhere. But I could if I wanted.
My advice is for those who want to be there, for some reason. I have seen it done. It works. It is practically fool proof. I’ve seen fools do it. All they had to do is spend some time on an oil platform in the Gulf of Arabia and they did it.
Fear really is your enemy. Common sense is your friend. Though it’s becoming very uncommon these days in the Socialist Dominion of Canadastan. Shutting down Canadastan over Covid was Fear porn on steroids × 10. Oh well, at least Walmart and McDonalds made money. While small businesses and people on the bottom tier of society suffered. So keep investing kiddos, you are the authors of your own demise, by sleeping with the enemy. Is owning “defense stocks” aka military industrial complex stocks ethical? I sure don’t hear a peep about that from the oh so self righteous cultural Marxists or green neo-liberal man bun soy boy crowd. Maybe I’m just a little jaded as I watch a once great country circle the drain.
Marc Cohodes has been “inspired” to start sniffing around the VC space as it pertains to SVB namely Sacks and Thiel. Eventually he’ll get to Musk. Dude has helped put one fraud in prison and helped sink the two crypto banks of late: SIV and SBNY. Gonna be fun to watch. There’s all kinds of “there” there.
#20 Dolce Vita on 03.20.23 at 3:32
How do you find this sh!t ???
=================
The You Tube algorithms is all.Search for one thing , start watching a video and they will burry you in same type recomandations.
There are countless channels promoting this type of junk,some
just for the view count,other trying to sell non-qualified financial advice.
For fun reading there is also the Hamilton ETF’s and some of the Harvest ETF’s websites. Harvest is even more suspect as they take the covered calls premiums and turn them into capital gains , at least for as long as the CRA lets them ,open to reassment of the tactic ofcourse and they did mention the risk on one interview I saw with one of their fund managers.
If you want to compare long term results just look at the US ones ,QYLD and JEPI and the Canadian HYLD as the poster children.
Entertainment comes in many ways and this was a slow weekend .
#6EElGatoNeroYVR
You know, it would be worth it playing the
Buy/Sell, Ex-Dividend Date vs. Date of Record
game.
At 63.09% and 54.32% probably worth it.
After I get back from Espagna. Tomorrow a goblet of Armagnac in just north of it Bordeaux (or 2, maybe 3 … pour myself into plane later).
#24 Travelling on 03.20.23 at 3:36 pm
“Sell your house and move away from all social connections you’ve built up. Is that really “living the life”?
Sounds lonely. Are Canadians really so anti-social that they see this as “living the life”?”
————————————–
I’m not one to judge. And if they missed me after they left, I didn’t return the favor. If I learned anything from my young years in the playground it is this: You play with the kids that are also there.
But, realistically, WestJet. My daughter went to school in Victoria and I saw her about as much as I do now that she is in Edmonton. I worked for years in the US a few weeks in a few weeks out. Once you get used to airports, the continent isn’t that big. During the boom times WestJet was flying direct from/to Fort Mac and Halifax. Know why? Well I don’t know either but I suspect those people decided to stop complaining about things and “get ‘er done”. Maybe they too live in Victoria now, but probably they stayed in Halifax. Same town in a lot of ways, only the people are more down to earth.
What a poster child for lazy bugger Dharma Bum is…has to lie about in bed reading the Blog on his laptop.
Hopefully his kid makes him shovel the driveway or at least clean up the dog poop.
That’s a lot of dogs, big ones, too. With two shepherds featured something tells me there might be a connection to the Police Dog Training facility 20 minutes south of Red Deer… The woman in the right of the photo’s expression says ” I’m not sure I want to live in Alberta, but I really like shopping in a province where they don’t have sales tax”!
…I thought you said that a bank collapse could NEEVER happen in Canada??? Changing your mind?
It’s coming… and you better have some Quadruple $BBBB
bullion, bullets, beans and bitcoin.
Never will one of the too-big-to-fail go down. – Garth
The scuttlebutt on twitter is that the feds are proposing a hefty income tax increase on top income earners, such that the top marginal tax rate would hit 60% in some provinces for those earning over $230k. So 60% income tax, plus 5% GST, plus whatever PST/HST you’re paying, plus carbon tax and fuel tax….It would seem to me that there’s little incentive left for taking any risk or working extra time to make more bank. You only get to keep a small portion of it anyway. Tax and spend, welcome to Canada. What interpretation is one to draw from this other than the fact we are absolutely broke, barely solvent as a country, and running out of cash. We have lived beyond our means for many years now, and it’s time to pay. Very sad, because we’re now set to become the first Western generation in hundreds of years to leave a lower standard of living to our children, who will live poorer, shorter, and more stressful lives than us. This is why I always voted for fiscal conservatives- I think we should be forced to balance the budget year after year, including infrastructure projects and all future entitlement liabilities incurred, so that each year the taxpayer and the government “square up” and neither can kick the can down the road to the next gen. Free speech, free love, wear whatever underoos you want I don’t care as long as you don’t make a big deal of it, but balance the budget and pay for what you take. Everyone, every year.
“A democracy is always temporary in nature; it simply cannot exist as a permanent form of government. A democracy will continue to exist up until the time that voters discover that they can vote themselves generous gifts from the public treasury. From that moment on, the majority always votes for the candidates who promise the most benefits from the public treasury, with the result that every democracy will finally collapse due to loose fiscal policy, which is always followed by a dictatorship.
The average age of the world’s greatest civilizations from the beginning of history has been about 200 years. During those 200 years, these nations always progressed through the following sequence: From bondage to spiritual faith; From spiritual faith to great courage; From courage to liberty; From liberty to abundance; From abundance to selfishness; From selfishness to complacency; From complacency to apathy; From apathy to dependence; From dependence back into bondage.” I’m no historian, but I reckon that this aptly describes the cycle we’re in, particularly the part about voting ourselves generous gifts from the public treasury. We demand our health care and our OAS and our other public benefits but won’t finance them ourselves, and the number of people paying less than zero net tax outnumbers those that do pay. I guess this was inevitable. Selfish, shortsighted, but inevitable.
2 Jackson Hole
In response to Garth.
ZPR since inception (Nov 14, 2012) on $10000.00 invested is now worth approx $10525.00.
Seems like a crap investment to me?? $500.00 gain in 10 years?
Cherry-picking. The asset paid dividends every single year, with a tax break. Add those in. – Garth
________________
You are right Garth, but there is also inflation lets say 2% , 1.02^10 needs to get to that equation as well…
10525 plus 10 yrs of dividends plus tax break i guess if they are canadian dividends / 1.22 = is the final outcome
fields of academic research actually sponsored or ghostwritten by private companies.
Uber’s “Academic Research” Program: How to Use Famous Economists to Spread Corporate Narratives
By
Hubert Horan
December 5, 2019
https://www.promarket.org/2019/12/05/ubers-academic-research-program-how-to-use-famous-economists-to-spread-corporate-narratives/
======
T or F should we ask the gptchat lol
“Scientific merit is measured by citation counts and not by ideas or by the products and services that come from those ideas”
ICUMI, …
“The Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve, and the Swiss National Bank are today announcing a coordinated action to enhance the provision of liquidity via the standing U.S. dollar liquidity swap line arrangements. […] – part of Fed release Sunday.
Coordinated central bank action to enhance the provision of U.S. dollar liquidity
https://www.federalreserve.gov/newsevents/pressreleases/monetary20230319a.htm
… and so ECB already jumped, … Lagarde announced a 50 basis points rate hike while reiterating the ECB’s eye is primarily on taming inflation!
Fed will follow coming Wednesday? We shall find out, …
F.S.
Couldn’t agree more! Thanks for the reminder at a time when the fear gage is likely to explode higher in a couple of days.
#140 Linda on 03.20.23 at 10:40 am
#38 ‘Alois’ – don’t think the add on in cost from all the government levies/fees would be $500,000 per house. I know that where I live the assessed levies by local government runs about $650,000 per hectare. Not exactly sure of just how many houses can be built on a hectare, but estimating at least 100 houses then the local add on per house would be in the $6,500 range. Obviously if fewer houses are built the hit per house would increase.
==========================
COMMENT:
Hi Linda:
I read both your last posts on the last topic
……Thanks!
PC leader Pierre Poilievre was in BC and interviewed…I watched it twice.
He says red tape costs “$644,000” for SFH or strata …
He likely made an error…
It can’t be that high…perhaps he meant $ 64,400
However…appears he is becoming part of the “Uni- Party”…the difference between political parties is becoming negligible.
Their common platform seems to lay the blame(as usual) on Local Gov’ts, proposing to either use “carrot and stick” bribes to both speed up permits and/or expand housing zonings by centralizing the entire process at the Provincial and/or Federal level.
I am not a big fan of Local Gov’ts on some fronts….but they are “local” …more accountable and a better check and balance to over -reaching powers especially with OCP’s and zoning.
Delegating these zoning and building permit powers to Provincial AND Federal agencies will be a disaster…..as I have kept warning about creeping COMMUNISM.
Luckily, I have no emotions, I’m medicated, so as I watch the volatility I can just sit back and say oh well.
¯\_(ツ)_/¯
#11 jess
The Guardian … THE authoritative Commie Finance MSM source. AT1 high risk. You win some, you lose some. LOST on you.
Doomers Commenters on Credit Suisse …
Ya big babies.
All your prior Comments BS for nothing. Naive. Trying to save face.
———–
And I looked, and behold a pale horse: and his name that sat on him was Death, and Hell followed with him.
Death and Hell AWOL.
Meeting them in Bordeaux tomorrow.
Hell likes Armagnac like me, Death does the mopping up for the 2 of us.
9 Faron: If you honestly believe the Washington Post is unbiased toward Tesla, I have a bridge you might be interested in buying.
@12 TurnerNation
“Dave McKay says there is a loss of productivity from remote work…”
No guff…
Walk around the streets back when everyone was hard at work at home, and the streets were packed with cars during the working day.
Not so much now that businesses are pushing to get people back in the office, the streets are noticeably quieter at least in this government town. Not like before COVID, but at least some workers are at work, not driving around doing whatever takes their fancy.
Just my observations from this grumpy old fart!
#32 ElGatoNeroYVR
Slow weekend.
THAT was Good.
YouTube version of the Genesis begats section.
Bought for $3.51 Mill on Apr 2022
Sold for $2.52 Mill on Feb 2023
Assessed at $2.863 Mill
https://twitter.com/hhuo213/status/1637307413924827136?cxt=HHwWgMDSseGa8bgtAAAA
I tip-toed into XFN recently because our big boys got beat-up pretty well this past month. And yes, that thought can co-exist in the same brain with MNT in case the banks don’t do so well. Prefs may also be a buy in the next little bit… will wait and see on those, however. Might make sense to buy XPF instead of rate-resetting ZPR, but will see.
Was the U.S. banking system hedged for last year’s interest rate surge?
My guest today says no, not even close.
Godfather of hedging interest rate risk says rate risk is problem for many banks not just SVB
Apple https://rb.gy/ipebnz
Spotify https://rb.gy/j8jnox
https://twitter.com/JackFarley96/status/1637541568692273155?cxt=HHwWhoC2ra7Y27ktAAAA
Where have all the flower children gone? Did they trade their bell bottoms and beads for 3 piece suits? Paris is burning, and the black clad baton swingers are out in full force. Brutality abounds in France, a so called democracy. Did cbc show the beatings, tear gas, water cannons pummeling the citizens? Has Greta ever denounced war, have ANY of those freaks intent on shoving their “values” down everyone’s throat called for peace on earth? Hypocrites never do. But they do have a fistful of Raytheon stocks, I would suppose.
DELETED (last post)
ZPR has been, and continues to be a bit of a clunker, being neither a bond nor an equity, it seems to epitomize the worst of both worlds. Interest rates go up? Down she goes. Interest rate go down? Down she goes. From an initial offering in the $15 range when it first arrived, it has limped along for years.
This blog had continually beat the drum of “hang in there, it pays you to own it, this is the year it will take off” for years.
It’s starting to sound like a Saskatchewan farmer, “Hang on, ’cause this year’s crops will be better”.
I’m not suggesting the Fat Lady is starting to sing on this particular ETF, but there’s definitely a humming sound of someone warming up her vocal cords on stage left.
28 VladTor on 03.20.23 at 3:46 pm
The banking crisis is growing. The Fed, in coordination with other Central Banks (ECB, Bank of England, Bank of Japan, SNB, and CB Canada) on Monday announced an expansion of liquidity provision through swap lines in an attempt to avoid a liquidity crisis and a shortage of dollars in the system.
________
I thought Canadian banks were rock solid. Why is our central bank involved in this “expansion of liquidity” provision?
Google Finance Top Stories
CNBC 1hr ago
JPMorgan advising First Republic on strategic alternatives, including a capital raise, sources say
Below the link they drop in red …
FRC -47.11%
———–
CBs on top of the liquidity, bank run game.
Coordinated central bank action to enhance the provision of US dollar liquidity
https://www.ecb.europa.eu/press/pr/date/2023/html/ecb.pr230319_1~8d62af24ac.en.html
Effective today. Bank of Canada, the Bank of England, the Bank of Japan, the European Central Bank, the Federal Reserve and the Swiss National Bank.
Too big to fail in action.
“the Big Six1 Canadian banks lost approximately $57 billion (or 9.2%) in market capitalization over the past two weeks” – (DBRS)
https://twitter.com/SBarlow_ROB/status/1637802010983407616
At sometime in the not too distant past we actually thought for ourselves and used experience and common sense.
Well you cannot legislate common sense but you can influence stupidity with a screen, an app and ignorance.
You are right, let time do the heavy lifting but then again what do people with experience know…..
FEAR is a wonderful word and it is like Christmas for me and others who kept their powder dry. Central bankers have backed themselves into a corner which pleases me a great deal. They have corrupted themselves and are now beholden to the markets, politicians and realestate. They used quantitative easing for far far too long and this is what we get for their PhD experimentation with our lives. They claimed to have forever eliminated inflation and thus money should be free for all even for risky people and business. Now the PhD’s are contemplating their navel and wondering how to fight inflation now that they have lost their credibility.
Boxing day will come after we see the unemployment numbers climb especially in Canada’s building trades and the opaque Canadian tech business that may have some surprises for us.
There really is no way out for the BOC, the overleveraged and dear Chrystia Freeland our rock start finance minister who has no clue that her hands are about to be tied due excessive government debt. Will Tiff do what is right or will he run around starting forest fires until he collapses from smoke inhalation. It will be great fun watching the show over the next 24 months.
BANNED
I heartily agree with your advice of ignoring the markets’ highs and lows. However, if you need to pull the money out in the next couple of years, like needing the money from a RESP, then it’s agony to take a loss. Isn’t heading for a safe, very conservative fund a wise move at the moment for money that is needed soon? If anything, it would help a person to sleep better.
BNN is horrific with a capital H.
I don’t have to tell you things are bad. Everybody knows things are bad. It’s a depression. Everybody’s out of work or scared of losing their job. The dollar buys a nickel’s worth, banks are going bust, shopkeepers keep a gun under the counter. Punks are running wild in the street and there’s nobody anywhere who seems to know what to do, and there’s no end to it. We know the air is unfit to breathe and our food is unfit to eat, and we sit watching our TVs while some local newscaster tells us that today we had fifteen homicides and sixty-three violent crimes, as if that’s the way it’s supposed to be. We know things are bad – worse than bad. They’re crazy. It’s like everything everywhere is going crazy, so we don’t go out anymore. We sit in the house, and slowly the world we are living in is getting smaller, and all we say is, ‘Please, at least leave us alone in our living rooms. Let me have my toaster and my TV and my steel-belted radials and I won’t say anything. Just leave us alone.’ Well, I’m not gonna leave you alone. I want you to get mad! I don’t want you to protest. I don’t want you to riot – I don’t want you to write to your congressman because I wouldn’t know what to tell you to write. I don’t know what to do about the depression and the inflation and the Russians and the crime in the street. All I know is that first you’ve got to get mad. You’ve got to say, ‘I’m a HUMAN BEING, God damn it! My life has VALUE!
RE: because you’re the smartest guy in the room (you’re not).
=======================================
But when you’re alone in your momma’s basement you actually are, unless the rat snuck in again…
#1 Rook on 03.20.23 at 2:42 pm
“A Scotia survey the other day found 55% of Canadians polled said they were stressed because retirement plans were “impacted by current economic conditions.””
I was more shocked that 55% of Canadians actually think they’ll BE ABLE TO retire. Is that roughly the proportion that has a defined pension, or who are public sector workers?
Most people I know are baking on their rich parents not spending the whole inheritance, or that their house will provide a windfall profit for their retirement. But certainly nobody expects to be able to save and invest enough to be able to do it.
______________________________________
Toronto boy?
Half of the one DBP is in the two full TSFA’s started in retirement, the rest went on vacation. The recent inheritance is in an unregistered acct, an undriven car and an unused tractor.
First CPP ( mine is $127/mo.) and then OAS too have floated us for more than a dozen years, since the freedom 55 bridging expired at 60.
When you have no utility bills, a long paid for house and know how to pull your weight…..do you re-shingle?
And yes, I used to walk a mile to school, in Toronto!
Hi Garth,
With FHSA incoming do you have any thoughts on asset allocation for it? Do you think your 60/40 portfolio is appropriate? Also, what if you plan to actually use it for a house purchase, making time horizon 5 years max?
Thanks!
https://pressprogress.ca/canadians-believe-canada-revenue-agency-goes-too-easy-on-wealthy-tax-dodgers-internal-cra-report-says/
On August 15, 2020, the Government of Canada reported that it’s GCKey, a critical single sign-on (SSO) system, had been subject to credential stuffing attacks aimed at stealing COVID-19 relief funds. Attackers were able to get away with 11,200 GCKey accounts. GCKey provides access to crucial services for immigration, taxes, pension, and benefits across Canadian government institutions.
click on canada
https://carnegieendowment.org/specialprojects/protectingfinancialstability/timeline
Will the earthquakes in the banking sector have any influence on the artificial intelligence domain?
#45 4 out of 3 people find math hard on 03.20.23 at 4:29
If you honestly believe the Washington Post is unbiased toward Tesla, I have a bridge you might be interested in buying.
———
Why would the WaPo be biased?
Bezos is only directly competing with, and badly falling behind, Elon’s:
1. EVs
2. space internet
3. self-driving
4. space flight
Everyone with a pulse here gets it already. Faron of the basement set is jealous of one Elon Musk. You know the guy- rich, successful, human(I think). Launched any rockets into space lately, sour grapes faron?
My only question for Dharma is… where the heck is the cowhide?
Pending that answer, though… Shepherds are great family dogs- always close, always aloof-ish, always alert. Many years running in Alaska, our Shepherd D’Arcy and I were competitive in the Fourth of July frisbee contest, sometimes even placing in the top three to win a blueberry pie/meaty moose knuckle. Athletes, us.
Like Garth said …
“… you’re the smartest guy in the room (you’re not).”
Because I am.
#58 Norman Bigbird on 03.20.23 at 5:15 pm
FEAR is a wonderful word and it is like Christmas for me and others who kept their powder dry. Central bankers have backed themselves into a corner which pleases me a great deal. They have corrupted themselves and are now beholden to the markets, politicians and realestate. They used quantitative easing for far far too long and this is what we get for their PhD experimentation with our lives. They claimed to have forever eliminated inflation and thus money should be free for all even for risky people and business. Now the PhD’s are contemplating their navel and wondering how to fight inflation now that they have lost their credibility.
Boxing day will come after we see the unemployment numbers climb especially in Canada’s building trades and the opaque Canadian tech business that may have some surprises for us.
There really is no way out for the BOC, the overleveraged and dear Chrystia Freeland our rock start finance minister who has no clue that her hands are about to be tied due excessive government debt. Will Tiff do what is right or will he run around starting forest fires until he collapses from smoke inhalation. It will be great fun watching the show over the next 24 months
————-
The same people who orchestrated the collapse will offer the solution, namely Central Bank Digital Currencies. Total digital control over your life. Don’t fall for it. Say no to digital IDs, no to CBDCs. Do not sign up, do not participate and do not comply when they make it mandatory… It will be optional at first, then when a majority of people sign up, they will make it mandatory for everyone, just like they did with the vaccines…
Prepare now to operate outside of their system… Bitcoin, gold, silver, land to grow food and livestock for consumption and barter, water filtration, etc… and a few foreign passports just in case…
“They make suicide seem like a fun thing …”
Been there, done that!
Garth is right. It’s not a fun thing!
a few of those folks must be feeling the fear and didn’t bannon get a pardon from trump?
https://www.msnbc.com/the-reidout/reidout-blog/guo-wengui-steve-bannon-media-rcna75790
https://www.motherjones.com/politics/2023/03/steve-bannon-is-neck-deep-in-guo-wenguis-allegedly-fraudulent-business-empire/
In 2020, Bannon was arrested on Guo’s yacht off Connecticut and federally charged with fraud. NBC News reported at the time that federal investigators had been sniffing around GTV Media Group, a company linked to both men. (For the unaware: GTV is known to spread pro-Trump propaganda, including a conspiracy theory about President Joe Biden and his son, Hunter, as well as misinformation about Covid-19.)
Last week, Guo was arrested in New York on federal charges of fraud and money laundering, stemming in part from his alleged role in redirecting $100 million invested in GTV to a high-risk hedge fund for the benefit of GTV’s parent company — owned by a close relative of Guo’s. (Guo has pleaded not guilty.)
FOR IMMEDIATE RELEASE
Wednesday, March 15, 2023
Ho Wan Kwok, A/K/A “Miles Guo,” Arrested For Orchestrating Over $1 Billion Dollar Fraud Conspiracy
Over $630 Million of Alleged Fraud Proceeds Seized by U.S. Government
https://www.justice.gov/usao-sdny/pr/ho-wan-kwok-aka-miles-guo-arrested-orchestrating-over-1-billion-dollar-fraud-conspiracy
#67 Future of AI? on 03.20.23 at 6:23 pm
Will the earthquakes in the banking sector have any influence on the artificial intelligence domain?
——
Yes. AI will be incorporated into the new digital control grid… CBDCs tied to your unique digital ID will enable AI to track and examine methodically and in detail every transaction, social media posts, places visited, people you associate with, food you eat, carbon footprint, etc… Everything about you. And AI will assign you a social credit score used to curtail your civil liberties, just like China.
Why Ford And VW Shut Down Their Multi-Billion Dollar Self-Driving Project
https://www.youtube.com/watch?v=NIvbrZ2BWTg
====================================
COMMENT:
One of many reasons the market is 4Q’d…
Bad decisions via follow the herd….then crash full speed into the wall of reality.
BANNED
Speculation of income tax increases:
https://twitter.com/SteveSaretsky/status/1637589121131749378
58.5% BC and 58% in Ontario (marginal rates) for top tax bracket.
“Besides, emotions just tanked a few financial institutions. Without fear there would never be a bank run. And no collapse.”
Emotions? SVB was not your typical bank. 95% of deposits were uninsured. The depositors happened to be the “same” VC companies to which loans had been extended. Basically, VC companies were getting loans and they would make deposits back into SVB from future cash flows. You can see how this is a problem. When you needed deposits the most the same companies would be unable to make deposits.
Add to this that SVB had put a bunch of their deposits in long term bonds that were whacked by the rapid increases in rates.
So, were the depositors (same VC companies above) spooked? Of course. Was it based on emotion? Or did they figure the last one to pull the plug was going to be the sucker?
#69 Really? Not! on 03.20.23 at 6:45 pm
Everyone with a pulse here gets it already. Faron of the basement set is jealous of one Elon Musk. You know the guy- rich, successful, human(I think). Launched any rockets into space lately, sour grapes faron?
_______
You’ve got some ball-bearings to wander into this blog and say what the majority of posters are too afraid to say … but be careful, when Farton has nothing of interest to say …which is most of the time, he’ll stoop to correcting your spelling/typing mistakes….well, because .. that’s the type of person he is.
Never will one of the too-big-to-fail go down. – Garth
That’s what I thought too… so I bought CS stock thinking I’d be rewarded handsomely for my guts. Unfortunately I received a giant turd. Oh well is was less than 1% of portfolio. I just wondering who’s going to buy Cocos now that they were sacrificed for equity owners?
Born in 2008 cocos were designed as a buffer to buffer liquidity issues in the banking sector. Cocos failed and now there’s another problem. We’re dealing with a confidence problem so the solution is to throw more uncertainty in the mix.
Never did I imagine that CS would go broke (you can call it what you want) but it’s a default event. I don’t think one of the big 5 banks in Canada will go bust but I’m not as certain as I was on Friday.
Never will one of the too-big-to-fail go down. – Garth
The cartel always enjoyed government protection.
Dodd-Frank Act
“The most far reaching Wall Street reform in history, the Dodd-Frank Act will prevent the excessive risk-taking that led to the financial crisis.”
Sure but you probably need to mention that the co-author Barney Frank was on the board of Signature Bank, a firm that failed in part because of excessive risk-taking.
The irony is simply incredible.
Seems like Russia’s bank rate today is 7% & rate of inflation 4.5%. Our inflation at 5.8% & bank rate at 3%. Our debt to GDP is 100%. Theirs is 18%. Also taking into account that 65% of our GDP is consumer,service, tourism while theirs is around 30%. Their military industrial complex is outproducing Nato & we’re going to need at least 2 years probably more to catchup. Xi is playing kissy kissy with Putin as we speak. The Ukes are consolidating & hoarding men & equipment behind lines. They are not now using any 155 mm. artillery, Himars or western advanced guided munitions. Saving everything for their big push. The Ruskies know its coming soon & are getting prepared as best they can I suppose. The Ukes have got to get to the Black Sea this time. On top of this we’re dealing with systemic bank runs & liquidity problems. By adding more liquidity, & likely quantitative easing. Our political & financial leaders keep doubling down on stupid. Most bloggie doggies on here are normal & have fear & common sense. Our leaders have expensive haircuts, fashionable clothes, private jets & unlimited self satisfying smugness. If you don’t have a little bit of fear that things are not going to work out like our elitist idiot lords say they will, then you don’t have any common sense.
If there is no crisis, why are centrals and Banks in crisis mode? I get being positive, but it’s looking like FRC will fail, and SVB has failed. That’s two top 15 banks….in a week. And centrals about to back off raising rates, with inflation stuck at 3x target.
FWIW I was buying banks this week and will leverage up to buy more, this chaos should create significant wealth as governments will spend trillions to prop up the banking system.
But if this isn’t crisis, not sure what is.
#60 Editrix
I heartily agree with your advice of ignoring the markets’ highs and lows. However, if you need to pull the money out in the next couple of years, like needing the money from a RESP, then it’s agony to take a loss. Isn’t heading for a safe, very conservative fund a wise move at the moment for money that is needed soon? If anything, it would help a person to sleep better.
———
Exactly, and we do not need Garth to answer this question. Rather than lose 10% when the time frame for needing and spending an RESP to completion is 3–4 years (my kid is in first year U.) it is best to put it into something safe if this the time horizon…..
Crazy times !! $ 2800 to buy a 1 oz gold goin and $38,000 for 1 Bitcoin. Cash is trash and the stock market is in bear territory . What to do in the greater depression ?
@#48 jim
Wow!
A $1.1 million dollar hit!
What say you Floppie?
Can you find a bigger loss than $1.1 million in the lower brainland?
I agree with chill. But if the media keep up with the can it happen here stories, then it will become a self fulfilling prophecy.
@#77 Baby’s Bum ( aka The Dandada)
Banned ( and Banned)
+++++
Baby got spanked.
Since the banksters can do what ever they want with out any fear of reprisals then how about continuing the charade by having the Exchanges regulators ban the shorting of Banks..
Why not, it’s basically what they did when the circuit breaker was enacted…
This is such BS it’s pathetic.
@#84 fishman
Well said.
Have you considered running for Prime Minister?
Beep beep beep. Backing up the truck to load up on TD.
See Amazon is laying off almost 10,000, on top of previous layoffs.
……..this after they had mass hiring during Covid/lockdowns and took advantage of the situation.
So..the issue is even “lower overhead” company in the economy is still getting whacked.
Not good….
…or at least that’s what the good folks at OSFI seem to be thinking.
That would definitely rock the boat!
There will no failure. – Garth
#88 crowdedelevatorfartz on 03.20.23 at 9:45 pm
@#48 jim
Wow!
A $1.1 million dollar hit!
What say you Floppie?
Can you find a bigger loss than $1.1 million in the lower brainland?
///////////////////////////
I’m currently in California, auditioning to be the new voice of Outback Steakhouse…
M48BC
84 Fishman “Our leaders have expensive haircuts, fashionable clothes, private jets & unlimited self satisfying smugness…”
Well said, though Pierre P has only the last item on that list. The rest of them are fast approaching the Minsky moment and if they arrest Mr. T tomorrow all hell gonna break loose. You couldn’t write this as fiction…
#68 Sail Away on 03.20.23 at 6:44 pm
#45 4 out of 3 people find math hard on 03.20.23 at 4:29
Elon fans ain’t the sharpest tools. Tools, yes, but maybe in the family spudgers/mallets.
You guys really loaded in to the WaPo isn’t neutral WRT Elon. So we would expect to see hardly any anti Elon/Tesla arricles in other journals. And… what so we see? Oh look, numerous other sources saying roughly the same thing. Hmmmm.
Occam’s razor leaves us with the simplest answer, Elon’s a fraud. If your heads weren’t all the way up his arse, you might have non colonal perspective here. Instead you are eye-to-eye with polyps.
Sad.
#28 VladTor on 03.20.23 at 3:46 pm
It’s smelling like this was a set-up, a done deal waiting in the wings. Can we deny there is a global control grid at work here? I allege the curtain was dropped March 2020, a brutal new system.
Question is, who’s next?
“”The Globe and Mail reports in its Friday edition that Swiss regulators have upended credit markets by favouring shareholders in troubled Credit Suisse Group AG over the bank’s lenders, in a move that raises concerns about a key backstop put in place to avert another global financial crisis. A triple-bylined item led by Andrew Willis says that on Sunday, UBS Group AG acquired Credit Suisse in a marriage hastily arranged by Switzerland’s government. Critically, investors holding $17-billion (U.S.) of Credit Suisse additional Tier 1 (AT1) bank debt were wiped out in the rescue, overturning long-established traditions of debt holders taking priority over equity investors. The move has experts questioning why regulators encouraged banks to issue AT1 debt — also known as “bail-in bonds” — to avoid repeating the government bailouts required in the 2008 global financial crisis. …
© 2023 Canjex Publishing Ltd. All rights reserved.
“”
———–
Control over Travel. Taking us back to the Stone Ages. Is there anything ‘Climate’ cannot do?
You really believe flying will be allowed on day?
https://montreal.ctvnews.ca/no-more-cold-drinks-most-of-quebec-s-liquor-stores-are-getting-rid-of-their-fridges-1.6315164
No more cold drinks: Most of Quebec’s liquor stores are getting rid of their fridges
The Crown corporation says it plans to remove the majority of refrigerators from stores across the province to reduce greenhouse gas emissions.
#98 Faron on 03.21.23 at 4:23 am
Elon’s a fraud.
—————
I have it on good authority that Elon is, in actual fact, a genuine, tangible and sentient being, composed of snips and snails and puppy dog tails.
No fraud. Satoshi Nakamoto, perhaps, but such a statement about Elon is demonstrably false. Science.
Dogawful mutts are indeed ‘The Enemies’ of the planet and humanity.
#85 Mattl
I have been nibbling at TD and am watching CM for an opportunity, the herd will probably drive CM down if enough negative momentum gets put on social media. Remember most millennials and younger use Tic Tok for their financial information, reminds me of schools of fish, all moving as one.
Nice to see that I am not the only degenerate gambler on this blog, I wonder how many others are there who are getting into this great opportunity. Just as with any other asset when it goes on sale they run in fear from it.
#85 Mattl
I am also adding more AQN as well.
https://ca.finance.yahoo.com/news/algonquin-powers-us26b-deal-to-buy-kentucky-power-unlikely-to-close-analysts-120816074.html
Fear is usually worse than the “thing” that causes the fear.
Back in the caveman days (like more than a hundred years ago) fear usually served a practical purpose. Like, if a herd of mastodons was charging at you, fear would kick in and you’d be right to run away.
Today, most fear is largely fabricated and hyped up by myriad sources including MSM, social media, fake news, and the propagation of misinformation through ubiquitous means of person to person communications.
Panic is easily incited.
The “fear response” is typically overblown.
Calm, reasoned, rational minds prevail, while the ignorant masses lose ground in their frenzied reaction.
“If you can keep your head when all about you
Are losing theirs and blaming it on you
If you can trust yourself when all men doubt you,
But make allowance for their doubting too;
If you can wait and not be tired by waiting,
Or being lied about, don’t deal in lies,
Or being hated, don’t don’t give way to hating,
And yet don’t look too good, nor talk too wise:
…
Yours is the Earth and everything that’s in it,
And – which is more – you’ll be a man, my son!”
– Rudyard Kipling
Man up folks. Lose the fear.
https://www.ctvnews.ca/lifestyle/the-world-s-happiest-countries-for-2023-1.6320435
Canada ranked #13 in world happiness. The data was heavily skewed by those who post regularly here. When they are removed Canada jumps to #4.
Time for a nice spring walk, double digits here in the GTA today.
Here’s another one, from the NY Post, to illustrate the un-seriousness of the people now in power, and to make one wonder if the voters all over the western world might one day tire of wokeness and seek prosperity instead;
–Listening to Janet Yellen, you might be led to believe that the US banking system is, in her words, “sound,” and that your deposits “remain safe.”
She’s the Treasury secretary, after all. She must have some clue, right?
Nope. Top financial CEOs tell me she’s mostly MIA as our banking system shows serious signs of cratering. In her two years as the government’s top banker, Yellen has failed to grasp the full magnitude of the problem because she has instead been too focused on other stuff like Ukraine, abortion, and all those progressive causes she’s championed.
The problem is pretty obvious if you can read a balance sheet. Top financial executives have privately identified as many as 25 regional and mid-sized banks in the neighborhood of $15 billion to $200 billion in assets that are ripe for failure. The ill-fated Silicon Valley, Signature banks, and today’s latest headache, First Republic, are the festering sores that signal an even greater degree of banking rot…..
—————-
And it goes on.
#96 Flop… on 03.20.23 at 10:38 pm
I’m currently in California, auditioning to be the new voice of Outback Steakhouse…
M48BC
========================
COMMENT:
Are they switching to Chinese Food ?
Stock markets are pretty good barometers – Garth
Funny how they never seem to gauge spiralling consumer debt, high inflation and a lousy dollar. They must be the barometer for some alter-economy.
I think the Fed will raise 1/4 point because if they suddenly take a pause their admitting to trouble with the banking industry.