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Everything posted by NormR

  1. I've gone to them each year for the past decade, or so, and quite enjoyed them. They can vary a bit from year to year depending on the speakers. There are videos of several of the past speakers online. For instance https://www.ivey.uwo.ca/bengrahaminvesting/resources/video-library/ The online format is new for them. So, it'll be interesting to see how they handle it. (The networking and side meetings were really good in the past but, alas, probably won't happen this year.) If cost isn't an issue, I'd go for sure. But it's mostly an industry thing for those who can write off / expense the cost. It'd be a harder decision for retail investors of modest means. The later group might want to wait till next year for the full experience.
  2. Keep in mind that Paul will likely have to do many unpalatable things at Torstar to have a chance of stopping the red ink. A bunch of them, like firing workers, will eat cash. The required repair job would likely have significant negative publicity value if FFH bought it instead - and the results probably wouldn't move the needle at FFH. There is a reason why Buffett got out of the liquidation business. I wish Paul the best of luck in his new endeavor.
  3. Yes. A HISA can be an easy way to park cash at a Canadian bank broker and actually earn some interest. At last check the big ones all payout similar - and not great rates. ~1.1% at the moment, IIRC. Keep an eye out for anti-competitive broker fees that dissuade clients from using HISA of other banks.
  4. See the asset mixer or Norbert's data
  5. I'd like to thank everyone for their commentary on this thread. It has been quite helpful!
  6. Cool. Btw, investors can get around the FX issue with a little cross-border arbitrage. i.e. buying RY on the TSX (in CAD) and quickly selling it on the NYSE (in USD). Interesting, so you don't need to buy the data if you can get it elsewhere. I notice they have a minimum # of trades fee too but it's waived for accounts with more than ~$100k. Are there other similar charges that one should be aware of?
  7. I'm looking for a Canadian discount broker (i.e. for Canadian residents) for a modest account (<$200k). What option would be good for value investors?
  8. Many value investors like to take a close look at a firm's balance sheet strength before investing in its stock. What debt factors are the most important / most useful to you when looking at bargain stocks? (i.e. debt/equity, current ratio, year-over-year change in long-term debt, interest coverage, debt rating, market price of bonds, etc...) On a 10 point scale, how important are these factors in your overall investment thesis with 10 being very important and 1 being of little concern?
  9. I'm not saying that Net-Nets are bad. But ... Backtesting microcaps can be problematic due to liquidity. Bid/ask bounce can skew the test. Getting in/out in volume is an issue. There can be big data quality issues in the micro space. etc. I've seen huge spreads (i.e. bid: $8 ask:$10) on small stocks on the TSX in the past with a few hundred shares traded a day - on a heavy trading day. There will also be issues of getting a big basket of Canadian net-nets in many non-bear market years. Frankly, I'm skeptical of backtests with CAGRs north of ~20%/yr for long periods. It usually indicates some problem with the test. i.e. data mining, etc. Healthy skepticism along with a good deal of sensitivity testing is advised. If it's too good to be true... Add: Btw, go to the "counts" tab on the Bloomberg report to look at the backtest's turnover.
  10. Yeast in a sugar solution eventually dies either from starvation (ran out of food) or toxicity (alcohol by-product). Infinity = dead ! Ph'nglui mglw'nafh Cthulhu R'lyeh wgah'nagl fhtagn.
  11. It's really more of a problem with the energy of the pods. Just letting air into a vacuum chamber isn't that big a deal - as long as the walls are thick/strong enough. Back in my student days, we machined vacuum chambers out of aluminum with very thick walls. We had one beast (made of steel) that you could basically walk/climb into. The easiest way to stop small leaks was to put some epoxy on the offending hole. I can't see how the project makes sense cost-wise and it does seem to be overly risky for passengers, but I've not looked into it carefully.
  12. It's a great event! I've got my ticket and I'm looking forward to it. The whole FFH week is top notch and a great way to keep up with friends in the community. I should know, I've attended every public event during the week for several years now. :)
  13. This. There are lots of people who have to work to put food on the table. But if you're beyond that stage, take 4 weeks off this summer, sit on a beach, and do nothing. I find that it takes about 2 weeks for my friends with regular jobs to actually relax fully. But most of them will start to go squirrely by week 4 with boredom. It takes me about 2 weeks to reach this stage. Those who are able should find something they like and do, and do it, after getting their "FU" money. Bonus points if it also earns money, makes the world a better place, etc.
  14. +1 As a local, it's an easy call to take a few days off to attend the various events to hear what everyone is up to.
  15. You've got to seek scale and jail time for the idea to be really bad. ;-) So, I give you ... The Pigeon King!
  16. Where are value investors donating this holiday season?
  17. What charities would y'all recommend this year?
  18. Or maybe it is? He runs funds, has AUM, earns a living with terrible performance. In some ways he proves the point, if you can tell a good story and pull on those value heart strings performance doesn't matter. The long term numbers for his Canadian flagship fund remain very good. He also helped make FFH a pot-load of money on the CDS position in 2008. That and he has been extraordinarily good to the FFH community. He is well liked for very good reasons.
  19. I enjoyed reading this year's Jealousy List 2015 from Bloomberg of articles they wished they had published. http://www.bloomberg.com/features/2015-jealousy-list/ Which articles and books would be on your list? (They don't have to be business related.)
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