KCLarkin

Greg, we are all just trying to make money here. You trolling the board doesn't help anyone. I shouldn't have to say Parsad three times every time you watch Fox News.

I looked through a bunch of growth trash names. Nothing looks really interesting yet. Scary that things can be down 70% and still be unappealing. The forces hitting the payments players are different than growth trash. And they are starting to look interesting.

I honestly don't understand who can even compare the old website to the new website. The old site was unusable on my iphone. Search was also unusable. The old site was rubbish. The new site is really good. The people complaining about scrolling and whitespace have never used a modern mobile app? -- I will say that on mobile, the logo takes up too much screen space. But that is about the only valid complaint I have. Otherwise, it would be minor quibbles on an excellent upgrade.

I've traded on LSE but not TYO, but the LSE trading fees were a rounding error. The "stamp duty" was much higher, IIRC. I was doing much larger trades and I don't think the commission was more than a couple bucks. IIRC. Certainly less than $10.

IBKR Disclosure: long IBKR Edit to add: see Crappy Canadian Brokerages thread for more details on the advantages/disadvantages of IBKR

I use my taxable IBKR for my rare international trades. If you are buying international stocks, IBKR is the only real choice. If you do enough US or international trades to justify the maintenance fees, IBKR does offer registered accounts.

Congrats on the new site Parsad! It is much better than the old site. I especially like that I can quickly go through new activity without going into individual threads. I disagree with the above comments about space efficiency. There are a few minor tweaks I might make to get the content above the fold but I generally find the new site more calming and much easier to use on my iphone.

You could look into giverny too.

You could also look at Turtle Creek. But DKAM and TC (and even Mawer) are expensive. Mark Leonard has a better record and works for free. If you are just parking cash, why not look at my list of Canada’s great companies? Several great capital allocators on that list.

Haha. No, you have to pay for any real-time data. They give you delayed quotes for free. You can get basic real-time quotes for free from Yahoo and then just use one of their algos. But I suspect most people just pay up for data. IIRC, you can get the data for free if you trade enough but I just get my data elsewhere.

One other caveat. IBKR charges for market data. Personally, I just get the data from my other brokerages. But if you are a frequent trader, you need to factor in this cost.

Disclosure: long IBKR As a Canadian, there are a few main advantages 1. Generally easier to connect with other banks (my wife has TD and they only let you transfer to a TD account). I even have IBKR connected with a USD margin account at a Big Bank CAVEAT: they are extra cautious with both deposits and withdrawals. So it is easier to get money in and out. But it is slower. And they have weird limits on $$$ value. 2. Significantly better foreign exchange rates 3. Buying international stocks 4. Margin rates 5. Online elections for spinoffs and other corporate transactions 6. Better executions I don't lend out shares, but I believe it is available for Canadians. RESPs -- all my registered accounts are still with a Big Bank so I am not sure. I only use IBKR for my US/international shares. I much prefer IBKR, but I don't trade my Canadian stocks enough to bother with a transfer. For my US stocks, the ForEx rates alone made the transfer worthwhile.

Investor20, I'm not sure the relevance to investing? Any therapeutics that are not yet in late stage trials will be of no use in the current pandemic. Vaccines will make this moot. You do you. But this seems like a lot of work for an audience of one.

Counterpoint: Coinbase internal ledger shows lack of faith in BTC—and they’re right: https://coingeek.com/coinbase-internal-ledger-shows-lack-of-faith-btc-and-theyre-right/ Just a tourist here. But it seems like the one distinguishing feature of BTC makes it a pain-in-the-a** for most real world applications. And what you really need to make this useful is a central clearinghouse... --- Edit to add: Correct me if I'm wrong, but isn't "pure" crypto kinda like the old days when stocks and bonds were certificates. And you had to clip your dividends and mail them in? Then everything was put in "street name" and we got good things like discount brokers and electronic trading?

Greenblatt's book is the best I've seen, so far. Morgan Housel's book has a story about a very wealthy tech entrepreneur who went bankrupt. And Read, the janitor, who got rich slowly. My eldest is very interested in money and math, so I could probably go pretty deep into the income statement. But for most kids, you just want to give them a healthy respect for money. For example, when we walked through the casino at Atlantis, I pointed out how fancy it was. And that the money to build the casino came from the gamblers. My son understood that he'd rather own the casino than be the gambler. My son will be getting Domino's Pizza stock for his birthday. --- As an aside, it is probably worth discussing: Productive Assets (good businesses) Non-productive Assets (gold, collectibles, crypto) Depreciating Assets (cars) I talk to my son about how many athletes go bankrupt even though they earn millions. Like SD, many kids will be tempted by the bottom two. But the surest path to wealth is to invest in productive assets. For most kids, you should just convince them to put 10% of their paycheck into a Vanguard fund. I wish WEB would rewrite his famous gold essay for Crypto, but I assume he doesn't understand it well enough.

Richard, I created a FISV thread. Can we discuss over there?

Consumer Staples:

Thanks. Found it here: FISV Dec 2020: Looks promising.

This looks really good. It is on my watchlist for some reason even though I've never done any work on it. Will take a look today.

Good one. I haven't done much work on PGR.

I'm not trying to front run the mob. If they are stupid enough to sell me exceptional companies at cheap prices, I buy them. I'm simply observing that the market is selling boring, quality companies to pay for reopening plays. In many cases, the valuations are starting to get attractive. P.s. I'm not using FWD earnings to show what I THINK the companies will be earning in 2022. This is a rough estimate of what the street thinks. Obviously, I am looking for bets where I am confident they are wrong -- usually when the market is overly concerned about some minor or temporary concern (IDFA). It is tempting to believe this but it does not match my experience or investing style. Here is one painful example. In 2014, investors dumped Amazon after it wrote off $170M for the kindle phone. The stock went below $300. I knew it was cheap. I knew it had excellent management. I knew it would be a dominant company. I was an AWS customer, so I knew the potential. But I spent months going over the numbers and I could never get an accurate estimate for IV. The range of potential outcomes was always absurdly large. I didn't buy AMZN at $300 because I read the bloody financial reports and tried to come up with a trustworthy estimate of their future earnings.

A once-in-a-century pandemic might distort 2020 numbers? Ulta is selling at 83x. BKNG at 70x. DIS at 44x. The Pandemic Paradox companies are clearly bargains on LTM earnings. My argument is that they are also relative bargains after reopening. In many cases, they are absolute bargains after reopening. Using trailing numbers makes FB look even cheaper: https://app.koyfin.com/share/a76ce09d71 But this isn't about FB. It is about a basket of stocks that grew earnings last year and are in double digit drawdowns.

As hot money chases reopening plays, many high quality stocks are selling off -- non-cyclical companies that are consistently growing EPS 10%+ per year. I'm not talking about COVID high-flyers like Zoom or Peloton. By reasonable valuations, I mean less than 30x earnings. The paradox is that many of these companies grew during the pandemic but their stock price (or at least valuation) decreased. Some are in 20%+ drawdowns. And many of the reopening plays are already selling at higher prices (and much higher valuations) than prior to the pandemic. This seems like a pretty classic "voting machine versus weighing machine" time arbitrage opportunity. Here is one example from my portfolio comparing a Covid winner vs Covid loser. Pre-Covid (Feb 20, 2020 ) to post-Covid: -- Stock, Total return, 2020 EPS, fwd PE DPZ: -10%, +29%, 25x Ulta: +8%, -72%, 36.6x A few random GARP/defensive stocks: Stock, P/E fwd* OTEX, 13.35 MRU.to, 15 ORLY, 17.36 DG, 17.92 FB, 20 ATD.B.ca, 20 DPZ, 23 * FWD P/E from Yahoo finance based on 2022 estimates. -- TLDR: A good time to shop for high quality stocks especially given prices on other assets.

If only there were a way to compare year-over-year deaths to test your novel theory... we could call it "excess mortality" (trademark).

+1 for Koyfin Still getting used to it, but it is MUCH better than old or new Google Finance. As one example, if you look at a chart, they show you CAGR adjusted for dividends. Google/Yahoo don't even have a total return option.