NormR
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Posts posted by NormR
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Anyone have a negative opinion on the book?
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Alas, the new BB isn't nearly as foldable as the iPhone. I'll take the one I can crumple up in my pocket, thank you very much!
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I'd buy that for a dollar! ;)
(Sorry, couldn't resist. I've not looked at it, so I can't put a price on it.)
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It's official..congrats to Sanjeev!
Congrats again! I knew a few days ago, but kept it :-X
Chuckle, it was easy to spot via a sedi search. I noticed it last month when I was poking around. :)
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Companies in the US also sell 10 times the product they do in Canada so they can offer cheaper prices in the US. It's more expensive to set-up shop in canada.
There are still frictions at the border from duties, exchange rates, etc. Add in higher costs for retail from wages/benefits/real estate, and the gap is fairly easy to explain.
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Two other data points, Canadians have a wealthier middle class, and as a whole are much wealthier than Americans. So maybe the prices are just reflecting that Canadians can and will pay more for places?
You can get some truly cheap housing in the US. My brother rents an apartment that's probably 800 sq ft two bedroom. He has a roomate, they each pay $250 a month. It's in a nice city, and the building is in nice shape.
I wonder if anyone's living in Buffalo and commuting into Toronto each day? Making Canadian money and paying Buffalo prices, the new wealthy... I guess the same could be true for BC as well.
There are less expensive places in Canada too. Rural areas, smaller cities (Windsor, etc.)
Also, keep in mind that the figures I linked are for family income (generally 2 earners). It'll be a bit higher in the big cities.
In addition, many big cities follow policies that tend to boost prices. Zoning restrictions, anti-sprawl legislation. The feds help boost prices on the insurance side via the CMHC. Etc.
All that said, young families generally have a hard time buying - even with the low rates - without help from family.
The real estate market seems quite stretched to me. It's got to the point where you could buy a house in a big centre, or opt for one in a smaller town (or the U.S.) and enjoy a modest retirement based on the price difference.
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Median total income: Canada: $74,540 (2012)
http://www.statcan.gc.ca/tables-tableaux/sum-som/l01/cst01/famil108a-eng.htm
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I liked it.
Good stories about Graham, Icahn, Pickens, Buffett, Greenblatt, Nifty Fifty Conglomerate area.
Some quant backtesting, but much less than his previous book.
;)
I'll be picking up a copy, too bad about the relative lack of quant tho.
On the other hand, that should make it more popular around these parts. ;)
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It's out now, anyone read it?
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Happy to hear that he's still going!
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Do you know of any place I can go to look at other countries, which show the distribution CAGR in the same way as above? That would be interesting to see.
Don't know about the "same way" part, but the Credit Suisse Global Investment Returns Yearbook is a good place for long-term international numbers ... https://publications.credit-suisse.com/tasks/render/file/?fileID=0E0A3525-EA60-2750-71CE20B5D14A7818
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Other than the arithmetic average versus geometric point, I'm not sure I understand either what he is saying or the use of what he is saying.
e.g., if you take actual returns over the history of the S&P over 25 years, the complete data are (from the distribution of CAGR for rolling 25 year periods from 1871-2013 (where the rolls are performed monthly)):
Minimum - 3.79%
Maximum - 17.08%
Average - 9.36%
Median - 8.71%
There were no negative returns. This data seems more useful than what the article posits, to me. Perhaps I am missing something, however?
FYI, there are no negative returns after 15 year rolling periods, and even at 15, the minimum is -0.3%.
You're looking at one of the winners globally. The experience in other countries isn't as good.
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Overly complex post. I'll save other board members some time and summarize the post:
Geometric average returns are lower than arithmetic average returns.Bonus points for providing the formula showing how the difference between the two returns relates to volatility. ;)
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As far as that book goes, is it pretty similar to his "Little Book" version?
I don't know, but it's a huge book.
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Thanks guys! If you're looking for some summer reading, James Montier's Behavioural Investing is great. :)
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While it can be infuriating looking at instances of excess, the situation is more akin to giving a dog food and then snatching it away while it's eating. The result isn't pretty even if they were given too much to begin with. If you want to keep the dog around, the situation has to be handled delicately or it risks going south quickly.
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Taking something away from people is always hard. Sometimes it's better to show them the door and find someone who is eager to work at a lower rate / with fewer perks.
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James Montier's collections ...
Behavioural Investing
and
Value Investing
are both good for those going beyond the top 5.
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IIRC, small positions are often analyst picks rather than Prem's
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How much is their land worth? Probably a good fraction of that $150m...
Do they own land? They seem to have leases on the One Yonge Street building, the Harlequin HQ and the Waterloo paper HQ.
Last I checked, they own a big parcel in Vaughn.
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Now the question is, are Torstar's remaining media assets (primarily the Toronto Star and the Metro commuter papers and about 100 regional newspapers) worth $150 mn?
How much is their land worth? Probably a good fraction of that $150m...
Tom Russo on the power of brands
in General Discussion
Posted
Don't dissuade her, brand name pills come with a placebo effect that probably makes the pain meds more effective.