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NormR

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Posts posted by NormR

  1. I understand your point, and I hope your right, but on a bank balance sheet deposits are liabilities.  So if they're thinking of turning liabilities into equity they're only left with a few options, deposits, or debt.  I'm sure debt would be the first step, but depositors could be the second.

     

    I agree that seeing the actual legislation is probably the best step.  I'm not sure how Canadian politics works, but in the US there are tons of bills presented that never make it past an initial vote.

     

    Keep in mind the Canada Deposit Insurance Corporation provides depositor protection in Canada.  They aren't going away.  So the sub $100k account is still fine.  The over $100k account was never protected.

     

    It's been a while since a big bank collapsed in Canada but smaller ones have.  Some here might remember what happened to uninsured deposits in such cases.  IIRC, my dad was in one such dead bank/trust but got his money back because he was under the insured limit.   

  2. I don't think they're talking about deposits.  I think they're talking about some form of convertible bonds or preferred shares.  At least such an idea was floated before.

     

    So, it might actually help protect larger depositors (i.e. above the insured limit of $100k).  Mind you, the equity holders might see a nasty bit of dilution in a 2008-9 repeat.

     

    On the whole, this is about orderly recaps in bad times, which is a good idea to consider before they hit.

     

    In other words, I'd want to see the legislation before believing the hype on this particular story.

  3. I still can't believe no super value ETFs exist... straight low fee (sub 1%) 30 stock MF ETF, every netnet under 66% NCAV with acceptable z-score ETF over 25 mill, all P/B below 1 f-score/z-score over a hurdle (not Chinese) ETF etc.  I would consider putting the majority of my money in those if they existed, and only pick a couple stocks outside of that.  Maybe it isn't feasible for the really small type strategies above due to liquidity, but certainly a cheapest decile ev/ebit, or p/b S&P type index could exist.

     

    Microcap ETFs would be a bit nutty due to liquidity issues.  But there are several value ETFs to pick from with P/B being a popular factor.   

     

    Agreed.  I guess I just haven't found any of these ETFs that I really consider cheap enough for my Grahamsian taste.  A quick look at the holdings of some of these ETFs and I see p/b stocks above 3, P/e averaging above 18.  Not exactly a cheap enough stocks for outperformace in my opinion.

     

    Do you know any true value ETFs?  Most of the ones I find would be laughable to Graham.

     

    Doing another survey is on my list.  The "pure value"series of U.S. ETFs (RPV, etc) seem to be better than most. 

  4. I still can't believe no super value ETFs exist... straight low fee (sub 1%) 30 stock MF ETF, every netnet under 66% NCAV with acceptable z-score ETF over 25 mill, all P/B below 1 f-score/z-score over a hurdle (not Chinese) ETF etc.  I would consider putting the majority of my money in those if they existed, and only pick a couple stocks outside of that.  Maybe it isn't feasible for the really small type strategies above due to liquidity, but certainly a cheapest decile ev/ebit, or p/b S&P type index could exist.

     

    Microcap ETFs would be a bit nutty due to liquidity issues.  But there are several value ETFs to pick from with P/B being a popular factor.     

  5. IIRC, TIPS suffer from drag in hyperinflation because the coupon payments are not reset all that often (semi-annually?) whereas the dollar is depreciating a sizable amount on a daily or hourly basis.  Again, just a dim memory on this one. 

     

    As previously pointed out, the simply way to hurt TIPS holders is to redefine CPI.  Again, IIRC, Argentina fixed the price of big macs because the Economist's fun big mac cost index put the lie to the official stats.  As a result, it became hard to get the burger in the country as only a few were put up for sale each day.     

     

     

  6. I may or may not be 4 triples away from being a billionaire.  How will Forbes know?  Will Fidelity or Interactive Brokers sell me out, or will I have to call the front desk at Forbes and ask to talk with the 400 list guy?

    Exactly, I've read stories where people should have been on that list for decades but they are secretive so Forbes was never aware of them.  Then there are all the promotional people on that list as well, who knows what their real fortunes are.

     

    I know they missed the Jackmans (ELF.TO) for years.  I guess not having a website throws them off.  ;) 

  7. Pre-BGC2013VIC

     

    Although tickets aren't required, I'm organizing a small dinner the night before the BGC2013VIC (April 9, 6pm-ish) for those in town early for the conference.  But it will require a RSVP so that I can find an appropriate spot at a restaurant.  So, let me know well in advance if you'd like to attend.

     

    Just to be clear, RSVP via PM please.  :)

  8. Pre-BGC2013VIC

     

    Although tickets aren't required, I'm organizing a small dinner the night before the BGC2013VIC (April 9, 6pm-ish) for those in town early for the conference.  But it will require a RSVP so that I can find an appropriate spot at a restaurant.  So, let me know well in advance if you'd like to attend.

     

    Pre-FFH Dinner Drinks

     

    No RSVP needed for the meeting on the 10th before the dinner.  It's first come first served.  ;D   

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