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by ghariton
18 Mar 2024 22:15
Forum: Community Centre
Topic: Canadian Universities Finances
Replies: 11
Views: 455

Re: Canadian Universities Finances

It seems to me that the underlying problem is that tuition fees for domestic students are much too low. While universities will continue to receive research grants, and a few of them have significant endowments, the vast bulk of the revenues should come from those who benefit, i.e. the students. I do understand that students may not have access to sufficient funds at the start of their adult lives. In consequence, student loans should be expended and conditions should be tailored to what a student can reasonably be expected to repay. The only argument I see for government subsidies (other than R & D) are positive externalities flowing to society from having students that have graduated from university (note that I am not saying "be...
by ghariton
18 Mar 2024 20:06
Forum: Retirement, Pensions and Peace of Mind
Topic: Blackrock whitepaper on spending in retirement
Replies: 4
Views: 167

Re: Blackrock whitepaper on spending in retirement

On yet another hand, some investors' portfolios had yearly returns greater than the rate of spending. For example, using the very rough guide of spending 4% per year after adjusting for inflation would have required annual returns of 6%. Anyone who averaged above that would have grown their portfolio.

Given equity market returns over the past decade or two, investors heavily into equities would have beaten 6%. This suggests that most (two thirds?) had a relatively heavy weighting to fixed income or even cash.

George
by ghariton
17 Mar 2024 19:23
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3132

Re: Single premium immediate annuity (SPIA)

OptsyEagle wrote: 17 Mar 2024 16:32 I'm surprised we don't see more life insurance agents working the high schools. :lol:
In my experience they work the parents. I remember one who used to scan the birth announcements, and try to sell a policy while the infant was still insurable.

George
by ghariton
17 Mar 2024 19:14
Forum: Financial Planning and Building Portfolios
Topic: Your favorite asset class
Replies: 23
Views: 2045

Re: Your favorite asset class

My favourite asset class? Winning lottery tickets, purchased before the draw. Now if I could only find the right broker to identify them for me...

George
by ghariton
13 Mar 2024 23:47
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: BCE (Symbol-BCE)
Replies: 1857
Views: 285345

Re: BCE (Symbol-BCE)

Closed at 48.19. Dividend yield at end of day today was 8.17% according to Yahoo Finance. Ex-dividend date is tomorrow.

George
by ghariton
13 Mar 2024 23:41
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Stocks you won't touch
Replies: 44
Views: 3066

Re: Stocks you won't touch

formerpatriot wrote: 12 Mar 2024 12:52 One important detail: I believe that in order to get the 30% tax credit you need to have a net income below a certain level (and this would have ruled me out anyway).
I believe that the contributor's taxable income in the year must be below the second highest taxable income bracket for Quebec, which is a bit above $112,000. But this ceiling, which was originally supposed to come into effect in 2022, has been postponed by three years and will now come into effect in 2025. So in theory you could contribute for 2024. This assumes, of course, that the proper legislation will be enacted. With Mr. Girard's recent announcement of an $11 billion deficit, all cards are off the table.

George
by ghariton
13 Mar 2024 18:57
Forum: Financial News, Policy and Economics
Topic: Clippings 2024
Replies: 110
Views: 8724

Re: Clippings 2024

randomwalker wrote: 12 Mar 2024 18:13 If it ain't marked to a public market it don't mean jack.
:thumbsup: :thumbsup: :thumbsup:

Preferably a liquid public market.

George
by ghariton
12 Mar 2024 00:01
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Stocks you won't touch
Replies: 44
Views: 3066

Re: Stocks you won't touch

Simplified prospectus here (in French) Basically it's a retirement fund. It does not trade and the shares are non-transferrable. You can only start to draw money after age 65 or if you are retiring and have a pension from another source (the younger you are, the more stringent the requirement). So totally illiquid. (The fund may in its discretion from time to time offer to buy back some shares, but it looks as if this is an exceptional event. You can also get your money back within sixty days of purchase.) The fund invests primarily in Quebec companies (I believe 70% or more of its investments) so lack of diversification. Also 55% of its investments are in private equities or ventures for which there is no market. More illiquidity. MER of 1...
by ghariton
10 Mar 2024 22:38
Forum: Financial News, Policy and Economics
Topic: Clippings 2024
Replies: 110
Views: 8724

Re: Clippings 2024

WSJ In mid-2022, JPMorgan Chief Executive Jamie Dimon warned that a “hurricane” was about to hit the U.S. economy. It could be “a minor one or superstorm Sandy,” Dimon said at a financial conference in New York. “You’d better brace yourself.” Last year, Bridgewater Associates founder Ray Dalio predicted a “debt crisis” after earlier anticipating a “perfect storm” of economic pain. High-profile investors and economists including DoubleLine’s Jeffrey Gundlach and Rosenberg Research’s David Rosenberg were just as fearful, with Gundlach last March saying a recession would come “in a few months.” Early last year, economists predicted a 61% chance of recession in 2023. The experts were way off. Darts, that's what I need, darts... and a monkey to...
by ghariton
10 Mar 2024 16:46
Forum: Community Centre
Topic: Puzzles to keep the mind challenged
Replies: 11
Views: 425

Re: Puzzles to keep the mind challenged

Bylo Selhi wrote: 10 Mar 2024 11:14 Learn a language [or more] using Duolingo.
:thumbsup: :thumbsup: :thumbsup:

Duolingo isn't my style, but there are many language schools with classes of four to six students each, either in person or on-line. Avoid the university language courses. A typical class of some twenty-five meets three hours a week, i.e. 180 minutes. With the prof talking half the time, that leaves 90 minutes for the students to speak, i.e. less than four minutes each on average. The only reason I can see for someone to take a language course at a university is to earn credits toward a degree -- and I'm no longer interested in that.

George
by ghariton
09 Mar 2024 00:26
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2222

Re: Nurse Practitioners / Physician Assistants

Angus Reid had a recent poll, asking Canadians which were their top three issues (presumably in regard to voting intentions).

43% of Canadians named health care among their top three issues. The breakdown by age is interesting:

22% for men between 18 and 34
33% for men between 35 and 54
47% for men 55+

43% for women between 18 and 34
46% for women between 35 and 54
62% for women 65+

I expected higher numbers for older men, and lower numbers for younger women. But I do find surprising that only one subgroup out of six have a majority where health care is one of the top three issues. Maybe the health care system that we currently have, is an appropriate reflection of Canadians, priorities.

George
by ghariton
08 Mar 2024 12:22
Forum: Financial Planning and Building Portfolios
Topic: Stocks versus ETFs
Replies: 102
Views: 6203

Re: Stocks versus ETFs

Bylo Selhi wrote: 08 Mar 2024 09:55 And better still, no distributions of any kind, so 100% of your holding grows tax-sheltered until you sell.
Feeds into the debate on investment style, dividend payers versus capital gains prospects.

George
by ghariton
05 Mar 2024 22:07
Forum: Community Centre
Topic: Nurse Practitioners / Physician Assistants
Replies: 90
Views: 2222

Re: Nurse Practitioners / Physician Assistants

pmj wrote: 05 Mar 2024 17:03 And if we were allowed access to private medicare, those newly-qualified foreign-trained physicians would be able to provide health care services at no additional cost to the public purse ...
Yes indeed.

I have been saying this for decades, including to my (Liberal) MP. But, the answer always comes, that would lead to two-tier health care. Well, what do they think we have today? One tier for those with a GP and another tier for the 7 million who don't.

And a third tier for those who can go for treatment to the U.S. Ogdensburg N.Y., one hour by car south of Ottawa, has an amazing collection of physicians and clinics and imaging centers.

George
by ghariton
05 Mar 2024 21:43
Forum: Financial News, Policy and Economics
Topic: Federal Budget 2024
Replies: 20
Views: 1174

Re: Federal Budget 2024

Clason wrote: 05 Mar 2024 18:58 That demographic trend is reversing with the 20-year old kids (more and more youngsters will reach the age where they need housing) and we might have lower death rates in seniors going forward.
Remember also that we have significant pent-up demand for housing, based on the anecdotes of all the Millenials still living with their parents and other doubling-up. As well, we are seeing an increase in households with a single adult (with or without children), which doubles the housing demand in those cases (although presumably for smaller accommodations). I don't know where all this will shake out, but I think that the housing crisis will be with us for a while yet.

And then there are the tent cities... In Canada?

George
by ghariton
05 Mar 2024 17:37
Forum: Financial News, Policy and Economics
Topic: Federal Budget 2024
Replies: 20
Views: 1174

Re: Federal Budget 2024

nisser wrote: 04 Mar 2024 23:44 They may finally make homes more affordable in their 8th year of power!
Best estimates I've seen suggest that it will take two to three years (at best) to bring new sufficient new supply to market to affect prices.

Remember, we are reducing immigration a bit, we are not returning to pre-2020 levels.

George
by ghariton
04 Mar 2024 23:13
Forum: Under the Mattress: Protecting Your Money
Topic: 5-year laddered GICs
Replies: 29
Views: 1230

Re: 5-year laddered GICs

Saintor wrote: 04 Mar 2024 18:28 pas mal d'accord avec Pierre-Yves McSween.
C'est qui Pierre-Yves McSween?

Added: FM 104.7 (en Outaouais)

George
by ghariton
04 Mar 2024 19:16
Forum: Financial Planning and Building Portfolios
Topic: What's your home country bias?
Replies: 95
Views: 31846

Re: What's your home country bias?

The Canadian stock market is a flop. Here’s why you should stick with it anyway ( Tim Shufelt, G & M ) The Canadian benchmark index has now trailed the S&P 500 in eight of the past 10 calendar years, and is well on its way to extending that bleak trend this year. Over that time, U.S. returns have outpaced Canadian by a factor of more than 2.5 to 1.... And yet the average Canadian with money in the stock market is heavily tilted to the TSX, with 52 per cent of their total stock holdings in domestic names, according to a Vanguard report published last July. <snip> “Some level of home bias makes sense for Canadians since there will always be a local preference for Canadian companies and securities that are familiar and in closer proxim...
by ghariton
03 Mar 2024 22:15
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3132

Re: Single premium immediate annuity (SPIA)

The big issue for me with considering annuities is the cost, and the lack of transparency in pricing. I don't perceive the insurance industry to be clear and visible with their pricing. It is like having to invest in high MER MF's without the option to consider low MER ETF's. Yes. Of course, if you have access to life contingency table that you think reflects your expected experience, and a discount rate that reflects the riskiness of the annuity (default risk, inflation risk), you can calculate the present value of the future payments. This is also called the money's worth. Then you can compare with the premium. The difference is the administrative cost. etc. You can also do simulations, varying your life expectancy. Moshe Milevsky has a ...
by ghariton
03 Mar 2024 21:53
Forum: Financial News, Policy and Economics
Topic: Clippings 2024
Replies: 110
Views: 8724

Re: Home Bias

AltaRed wrote: 03 Mar 2024 13:28 Still, I don't have enough faith in Canadian economic policy to believe that much long term in Canada. I intend to slowly decrease my ~33% Canadian allocation to a bit under 30%, perhaps as little as 25% over the next few years.
On this, as on many other investing topics, we agree.

Perhaps I am a little more extreme than you, :)

George
by ghariton
03 Mar 2024 21:40
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3132

Re: Single premium immediate annuity (SPIA)

Male pensioners probably don't know this but our pension legislation requires pensions to be unisex. In other words for the same amount of money a male gets the same income as a female, of the same age. Now that may sound fair, but actuarially it is not. It is kind of a system where about 6% of the pension funds of the male workers gets transferred to the female workers, in order for both genders to get the same amount of income. This is because women are expected to live longer and therefore their pensions cost more...and money doesn't grow on trees, and no one seems to give this any thought. I do know about this (although I am not a pensioner). I had quite a lively debate about it some twenty-five years ago, using the Federal public serv...
by ghariton
01 Mar 2024 00:20
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: BCE (Symbol-BCE)
Replies: 1857
Views: 285345

Re: BCE (Symbol-BCE)

Mirko Bibic..CEO of BCE recently bought, I believe was $500,000.worth of BCE shares and also other insiders, so they must be confident that the share price will recover at some time in the near future. As a shareholder I will collect the dividends and be patient. Globe & Mail On Feb. 12, president and chief executive officer Mirko Bibic purchased 9,900 shares at a price per share of $50.60 for an account in which he has indirect ownership, increasing this specific account’s holdings to 30,387 shares. The cost of this investment exceeded $500,000 Wonder what kind of account it is, and what the indirect ownership implies? Is Mr. Bibic single-h handedly trying to provide price support for the shares? I personally would expect some turbule...
by ghariton
29 Feb 2024 22:29
Forum: Community Centre
Topic: Electric Cars
Replies: 601
Views: 38972

Re: Electric Cars

Bylo Selhi wrote: 29 Feb 2024 21:42
DenisD wrote: 29 Feb 2024 18:21 200 annual electric vehicle tax

Brilliant incentive: The more I drive my EV the more damage I do to the roads but the lower the tax per kilometer :roll:
Logically it follows that we should tax electricity. Since electricity is fungible (i.e. it can be used for many purposes), put a (heavy) tax on all electricity consumption. (I have natural gas stove, water heater, furnace, etc., so I don't mind.)

George
by ghariton
29 Feb 2024 19:36
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3132

Re: Single premium immediate annuity (SPIA)

OptsyEagle wrote: 29 Feb 2024 15:38 Were you older then age 50, in 1989?
That explains it. I was 43. At that point I knew that I would never get a pension from an employer, and that was my first attempt at providing my own.

George
by ghariton
29 Feb 2024 18:56
Forum: Community Centre
Topic: RIP 2024
Replies: 32
Views: 2546

Re: RIP 2024

Brian Mulroney, 84

In my opinion, a great Prime Minister. I will remember him for free trade and for introduction of the GST, a step in a very positive direction. Canada needs a meaningful VAT. I also remember him for Meech Lake, a valiant but flawed attempt at constitutional reform, that failed. Promoting these policies took personal courage.

Then there was Brian Mulroney the person, about as corrupt as they come in Canadian politics. The man had absolutely no shame.

George
by ghariton
29 Feb 2024 15:15
Forum: Retirement, Pensions and Peace of Mind
Topic: Single premium immediate annuity (SPIA)
Replies: 92
Views: 3132

Re: Single premium immediate annuity (SPIA)

OptsyEagle wrote: 29 Feb 2024 14:36 any other life annuity can be deferred for quite a long time. Many years. Not sure if there is a limit but more then 5 years would be no problem.
Back in the spring of 1989 it was clear to me that interest rates were coming down, and I wanted to buy a deferred annuity, with a deferral period of some twenty years or so. I couldn't fnd an issuer willing to sell me one.

(I should have bought a long bond instead, but didn't.)

George