Search found 34 matches

by Alpha Dog
11 Aug 2009 19:05
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Manulife (Symbol-MFC)
Replies: 659
Views: 109452

Its curious to me that the switch in dividend policy comes with the arrival of a new CEO.

In my mind, there must be either a) a desperate need in for capital in the short-term that they're not disclosing, like an acquisition, or some actuarial assumption they know is really offside, or b) management has decided that they can invest the retained capital better than I can, and so they retain it. In either case, there may be great prospects for the stock: but that's not why I bought it.

I'm out.
by Alpha Dog
16 May 2009 13:18
Forum: Under the Mattress: Protecting Your Money
Topic: Deposit Rates: ING etc. (2009)
Replies: 418
Views: 59576

A new entry in the High Interest Savings Account game from Renaissance (CIBC):

http://www.renaissanceinvestments.ca/en ... s/hisa.asp

Starts out at 1.15% interest.

Not sure about TDW availability, but it pays a trail, and Renaissance is on the list of fundcos they deal with.
by Alpha Dog
31 Mar 2009 20:18
Forum: Retirement, Pensions and Peace of Mind
Topic: DPSP & EPSP Questions
Replies: 57
Views: 15454

My apologies, I should have been more clear.

The question later on was "are there benefits to a DPSP that I should be aware of vs. an RRSP", and my comments were that the reason the DPSP is used over straight RRSP employer match are employer-centric.

EPSP's also don't attract payroll tax, but this is largely moot from the employee perspective.
by Alpha Dog
30 Mar 2009 20:09
Forum: Retirement, Pensions and Peace of Mind
Topic: DPSP & EPSP Questions
Replies: 57
Views: 15454

The benefits to a DPSP are for the employer, not the employee (the contributions to a DPSP don't attract payroll tax). Its really a choice of registered vs. non-registered, and if you're maxing your RRSP contributions, then its personal preference.

My group plan is structured similarly, and I chose the DPSP/RRSP plan, simply due to the fact my employer punishes plan withdrawals with a match suspension (and you never know when you'll need the non-reg. money). If your employer is more enlightenend, it really is up to you.
by Alpha Dog
16 Mar 2009 21:07
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Are REITs too expensive?
Replies: 364
Views: 72148

I think that there is some economic decline factored in, but the bigger issue still tends to be on the credit side: can these REIT's finance their debt when it comes due, with favourable (or just not really punative) terms. Ask any owner of H&R how challenging credit markets can affect REIT performance: another lesson I learned the hard way.
by Alpha Dog
14 Jan 2009 20:48
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Bank of Montreal (Symbol-BMO)
Replies: 455
Views: 102121

I'm not sure if this deal is material over the long term, their willingness to spend some cash makes me feel that the dividend is safe (or at least safer than I thought it may have been).
by Alpha Dog
02 Jan 2009 22:30
Forum: Under the Mattress: Protecting Your Money
Topic: TFSA Account Offerings & Questions
Replies: 945
Views: 137547

My wife and I submitted forms at the end of Nov. for TDW. My account appeared on Dec. 31st, my wife's hasn't shown up yet.
by Alpha Dog
13 Dec 2008 08:06
Forum: Financial Planning and Building Portfolios
Topic: Reducing fees on small transactions
Replies: 15
Views: 3303

TDW has a pretty complete DRIP program, which is a lot simpler than dealing with a transfer agent. For some shares, (usually trusts) they deal directly with company's plans (advantage: slight discount in price, disadvantage: takes a while to process), or sometimes they just make the buy amongst all of their shareholders and split out the shares (market price, but a little quicker to hit the account). I've been pleasantly surprised at the names (including US companies) that they'll DRIP.
by Alpha Dog
28 Nov 2008 18:55
Forum: Financial News, Policy and Economics
Topic: Because of this crisis the government should consider.......
Replies: 16
Views: 1275

The government doesn't have many restrictions around group RRSP's, its the companies that supply them (a little) and the plan sponsors (a lot).

There are no investments that are eligible for individual RRSP's that aren't for group plans. And fees on large group plans can be a lot lower than retail mutual funds.
by Alpha Dog
25 Nov 2008 20:32
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Are REITs too expensive?
Replies: 364
Views: 72148

2-yen, I'm curious as to how you've come to the 50% Riocan rate cut: is this just conservatism on your part, or do you see something in the financials?

I've been following this company for a number of years, and listened to the last call with a very jaundiced ear, and came away thinking the distribution was pretty safe, albeit with growth potential lowered.

Its always good to hear someone with a different perspective, so I'm interested in hearing your thoughts.
by Alpha Dog
21 Nov 2008 20:39
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Are REITs too expensive?
Replies: 364
Views: 72148

Riocan, in my mind is as solid as they come (which in this market means it will crumble last). Long-term leases, no concentration in any one client, quite a few unencumbered properties, and insiders buying up shares.

I know the greenfield developments will likely slow, since they don't build 'til they've leased, and some of the income does come from gains from sales of properties, but I do think at this price, it represents value.
by Alpha Dog
14 Nov 2008 11:22
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Are REITs too expensive?
Replies: 364
Views: 72148

To be fair, H&R actually has two ventures (Bell III and the Bow) that they can't pay for. I think a distribution cut might almost be preferrable than blowing out a property at a distressed price, for long-term investors. On a slightly different note, Dennis Mitchell (PM from Sentry Select) is on BNN Market Call on Nov. 3rd, with H&R at $9.83, and pronounces it a buy. In the globe today, he mentions that he "recently" sold all of his firm's H&R. The globe mentions 55M shares, which would be hard to unload in a week in a stock that has an average volume of 500K a day (although that may be a misprint, as Google finance reports a 150M float). Its unfortunate that Mr. Mitchell did not have his "revelaton" a bit ea...
by Alpha Dog
11 Nov 2008 20:51
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Are REITs too expensive?
Replies: 364
Views: 72148

I think that its the Bow, plus concerns about decreasing occupancy that are killing HR.UN, but I think it has to be way overblown. It seems oversold.

That said, I'm planning on listening very carefully to the analyst call on Thursday.
by Alpha Dog
11 Nov 2008 20:43
Forum: Retirement, Pensions and Peace of Mind
Topic: Group RRSP - Questions
Replies: 104
Views: 17173

Two very important factors that determine price that have not been previously mentioned are i) whether or not the plan has an advisor, and ii) the amount that the company pays to offset the MER's.

There are plans out there where the employer pays all the MER: the funds are free of management costs. Unfortuntately, the number of these plans are dwindling.
by Alpha Dog
19 Sep 2008 20:22
Forum: Under the Mattress: Protecting Your Money
Topic: TFSA Account Offerings & Questions
Replies: 945
Views: 137547

Its important to remember that before an institution offers a TFSA, they need to file a specimen plan and application form, and have it approved by the CRA. I'm sure you'll find it shocking to hear that they don't rush to approve these right away: this, like all government filings, takes a while to be approved. There are also a lot of details that required some analysis: while the broad strokes of the TFSA were painted with the budget, there are a lot of details that need to be sorted. It doesn't help that I suspect every company's specimen arrived at the CRA at about the same time. I believe all the ususal suspects will offer some form of the product: its not short-term profitable, but long-term they'll make money, and not offering one can...
by Alpha Dog
06 Mar 2008 20:20
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Bank of Montreal (Symbol-BMO)
Replies: 455
Views: 102121

FWIW, I think any talk of BMO cutting their dividend is alarmist, and very unlikely. Cutting the dividend would be an absolute last-ditch manoeuver. Bank stocks are owned by people who like dividends. Cut it, and at lot of them will shift to other companies: it would be shooting themselves in the foot. If they need cash to shore up their capital ratios, and I still haven't seen real compelling evidence that they do yet (although admittedly that remains unclear), it will come from an equity offering, a la CIBC, IMHO. That doesn't necessarily bode well for the stock in the short term, but a dividend cut won't be the first action they take to shore up their balance sheet. If you're looking for a silver lining in all of this, and I need one aft...
by Alpha Dog
17 Nov 2007 17:09
Forum: Financial News, Policy and Economics
Topic: Allocation globally by sector
Replies: 1
Views: 419

Allocation globally by sector

In my current job, I have some infrequent contact with a number of money management shops. One of the patterns that really struck me as a major shift amongst large multinational money managers is the assignment of companies to analysts shifting to global industry assignments, versus the older model of one Canadian financials analyst, and an American financials analyst (this is where the infrequency kicks in: I know this has been evolving for a while, but hey, it was new to me). All the reasons given for this shift make sense to me: its easier to compare companies within the same industry with all their competitors, etc. In these structures, as I understand it, its then the job of the specific PM to look at all of the analysts work, and pull...
by Alpha Dog
10 Nov 2007 20:30
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: unit value of mutual funds
Replies: 9
Views: 1200

Most funds provided through an insurance company in a group plan are in fact segregated funds created by the insurance company and invested in a pooled fund. Typically MER's are lower in a group arrangement than through a retail supplier, but all group plans are priced differently, and this is less true with index funds.
by Alpha Dog
06 Nov 2007 20:10
Forum: Financial Planning and Building Portfolios
Topic: Rate of Return Acheived by Paying Down Mortgage
Replies: 56
Views: 4246

In my mind, the relevant comparison is to look at RISK-FREE non-reg vs. reg, vs. mortgage, because you are in essence guaranteed to save paying interest on the amount you pre-pay on your mortgage. This renders issues like tax-loss harvesting, and preferrential tax treatment moot. Its true that the mortgage savings are not infinite (you'd pay it down eventually), but I think its fair to eliminate that from the equation since its unecessarily complicates things. If you look at it from that perspective, unless there is a massive upward shock to the yield curve, or the entity that holds your mortgage is friendly (parents?), it seems unlikely you'll find a risk-free after-tax return higher than a normal mortgage rate. Thinking about the gain los...
by Alpha Dog
09 May 2007 21:30
Forum: Financial Planning and Building Portfolios
Topic: Confused about work RSP plan
Replies: 8
Views: 1214

Typically in group plans, where there are monthly expense charges, that represents all of the management fees associated with the plan. Distributions don't show up as separate transactions because the underlying investments are pooled funds, so the distributions are built into the unit price. Its often done this way by companies so that there employees know exactly what they're paying in fees in the plan (crazy thought, I know). All the fees associated with your investments must be disclosed to you, under CAP rules, so if you go to the group plan provider website, you'll find your all-in cost for the various investments. They should also appear on your statement. All group providers have a large selection of fund options to companies who sp...
by Alpha Dog
02 Jun 2006 21:08
Forum: Financial Planning and Building Portfolios
Topic: Why there's demand for high MER index funds
Replies: 9
Views: 3537

Why there's demand for high MER index funds

Thought that this was interesting.

Or perhaps elite MBA's aren't all they're made up to be.
by Alpha Dog
05 Apr 2006 21:13
Forum: Stocks, Bonds, ETFs, Funds, REITS and More
Topic: Maple Bonds
Replies: 9
Views: 1836

Maple Bonds

Just wondering if anyone's thought about/purchased any Maple Bonds. Is it a fair conclusion that if issuers find the Canadian bond market a good place to issue debt, the market must be perceived as good for issuers/poor for investors?
by Alpha Dog
02 Apr 2006 08:55
Forum: Property: Owning, Renting, Managing, Investing and Mortgaging
Topic: Help figuring out biweekly mortgage payment
Replies: 4
Views: 1533

My mortgage is at Firstline as well. All payments are treated the same: as both principal an interest payments. The interest you pay is simply 2 weeks worth of interest on the balance, and since 2 weeks have passed, the interest is essentially the same each pay (very slightly less).

Another way to think about it is that the total interest you'd owe in a year is divided into 26 chunks, rather than 24 (although technically its actually a little less in the 26 chunks since you are paying principal faster).
by Alpha Dog
02 Apr 2006 08:26
Forum: Financial Planning and Building Portfolios
Topic: Assante Fees
Replies: 16
Views: 6107

Its worthwhile checking, but typically there no fee to cash in funds (almost all large plans are 'no-load'), and often you're allowed one withdrawal per year free (or $25 charge), although again, with big plans each company can create their own rules around this sort of thing. If his employer is huge, I would look at the fees your husband is paying in the plan, and maybe reconsider keeping some money there. Large institutional group arrangements have often negotiated fees down below 75 bps for active managers that you may be paying a lot more for through an advisor. You've said your advisor is good, and that would count for something in my mind, but moving to her may cost you up over 1% per year in fees. That's a pretty large hurdle to over...
by Alpha Dog
01 Apr 2006 06:54
Forum: Financial Planning and Building Portfolios
Topic: Assante Fees
Replies: 16
Views: 6107

You may want to have a closer look at the Canada Life group plan (your description would lead me to believe that its a group arrangement). Depending on the size of your husband's employer, the fees on the investment options may be much lower than are available in a retail environment. The discount depends on the size of the employer, and their ability to negotiate/willingness to pay some fees for employees. If you're paying an IMF (insurance-speak for MER) of 50-75 bps, you still may decide to move it to Assante, but its important to understand what its costing you for your advice.