Optimism #33
Dear clients and friends, lots of optimism (and a little bit of book-keeping) to report.On August 30th, Brian Belski, Chief Economist at BMO has for a second year in a row, hiked his year end 2021 price target for Canada’s stock market.
Everyone balked last year, and he was correct.
It was ~20,500 at his most recent prediction, 20,694 today and he predicts 22,000 by calendar year end.
Dividend increases
Richie Brother’s Auctioneers raised their dividend 13.6%, the 18th consecutive year.
Finning up 9.8%, 19 years of increases
Saputo 2.9% increase
I was recently asked about a portfolio’s performance and refused to engage in the discussion.
I told the individual, “its like buying a sailboat and demanding to know how windy it’s going to be.”
The best I can do is say that it will be windy… some days. I don’t know when.
I must sound like a lunatic. I wonder if they will hire me?
Even though prices are not long cheap like 18 months ago, insiders are still buying.
At Absolute Software, President and CEO Christy Wyatt bought 9100 shares for about 106,000 US$.
Allied Properties REIT President and CEO Michael Emory bought $147,000 worth of his company shares.
Dan Rees, group head of Canadian Banking at Scotiabank bought $157,000 worth of BNS shares.
National Bank Correspondance Network, or NBCN, is the trustee for many of your managed accounts.
They are ‘going green’ and going to charge $2.00 per monthly statement, or ask you to no longer receive them, starting in 2022.
The information is all online, so you can view or print reports easily.
If you don’t advise them to cease sending them, you will see the fee on your account.
Natural gas prices have spiked up to about $5.38. it was under 2$ for a few years so this is meaningful.
Apparently natural gas revenue is much larger than that of oil, so very good for Western Canada, as well as Federal tax revenue.
Be prepared for your heating bills to go up this fall.
It’s a good thing we own utilities to offset the cost.
And a wonderful quote from one of my favourites, Charlie Munger. (thank you Tom)
‘The big money is not in the buying and selling, but in the waiting.’
Your money is safe and growing. Have a great week.
