Monthly Archives: February 2020

Why the market carnage? It’s expecting a period of “inflession” (I invented the word).

I’ve invented a new word for what’s coming: Inflession (add to dictionary) is a combination of recession and inflation, characterized by low unemployment and very low interest rates. Sound strange?  The yield curve warned us months ago (when first inverted) … Continue reading

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Technology Stocks – when to get in again!

Making decisions about when to top up (and get back in) during brief panic episodes is difficult. Deep down we know we’re supposed to ‘do the opposite’ but fear gets in the way.  This is why some excellent fund managers … Continue reading

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ls it the perfect storm? Did someone hit the sell everything button?

U.S. fund manager Peter Tchir sent a note to his clients entitled: “Did Someone Hit the Sell Everything Button?” His biggest concern (and everyone’s) is the sudden change in behavior – panic selling. Younger money managers likely haven’t experienced the … Continue reading

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Why would anyone ever buy Teck Resources? It’s dirt cheap is why!

If Warren Buffet were at all interested in this sector, he’d find the deep value he’s always talking about.  Why is the stock so cheap? What could go more wrong?  Teck recently posted a non-cash after-tax charge against the value … Continue reading

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My revised downside for S&P 500 is -17%

My back-of-the-envelope approach has proved robust over decades of managing institutional portfolios. In an earlier post is suggested the downside was at least 10% but having another look I am more bearish.  Why?  I believe a multiple revision will occur … Continue reading

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Sell the Canadian rails, buy the trucking. A protest play.

The effect of the blockades on railway revenues and earnings  (they’re being taken down finally) are yet to be measured, but it won’t be pretty.  Are there any beneficiaries?  Yes, trucking.  Clearly some goods just sat there waiting for the … Continue reading

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Bonds (ETF’s, Mutual Funds) at Risk even in a Recession

It’s very difficult to teach young adults about how bonds work – although I believe I’ve done a pretty good job of it.  It’s even more difficult to educate adults that had an aversion to math when they were at … Continue reading

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How to play the copper rally. Two stocks!

Once China’s economy is back online, it will inevitably need tons of copper.  Before coronavirus, the government had planned to give a boost to economic growth: The People’s Bank of China said it planned to slash how much capital banks … Continue reading

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Crazy high-paying Canadian dividend stocks. Why not?

Experience teaches us many things.  Portfolio managers with many years under their belts get anxious when markets are bubbly.  At times like these, we often look for relatively safe places to make a few bucks. A formula that’s served me … Continue reading

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Cannabis ETF’s have bottomed and are trending ‘high’ er (as promised).

Since my earlier article suggesting the weed stocks look like they’re bottoming out, and discussing the two more liquid cannabis ETF’s for the US and Canada, it seems I may have been right on. Shaky at first (the article was … Continue reading

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