Not long ago people carried Nokias, Motorolas and BlackBerrys. Ten years from now, will we still all have iPhones?

A brief history of market dominance

Investing for Fun and Profit: Is the publicly traded past a guide for the future?

The largest 10 U.S. companies by market capitalization (number of shares, multiplied by price per share) currently represent about 30 per cent of the value of the entire U.S. publicly traded universe, and the U.S represents about 60 of the world market cap. Therefore these 10 companies represent about 18 per cent of the entire […] Read more

As I’ve already experienced with telcos, declining profitability often leads to declining service levels.

Can Canada’s banks and telcos maintain as reliable performers?

Investing for Fun and Profit: Also includes an update on the latest status of the Titanium Strength Portfolio

This is my 100th column over the past six years for Grainews. I hope you’ve enjoyed the wit and wisdom, albeit limited, and that my musings helped your off-farm investing success. This is also the first column written following the May 15 anniversary of the Titanium Strength Portfolio (TSP). At its outset, the purpose was […] Read more


ho chi minh city vietnam

Energy reflections of our recent Vietnam vacation

Investing for Fun and Profit: In a country facing rapid growth and corresponding energy demand, every day is a smog day

Vietnam is a fascinating country, rich with culture and history. We also visited Cambodia and its renowned ancient temples, the most famous being Ankor Wat, a UNESCO world heritage site. This was my first time in Southeast Asia. The contrasts are ubiquitous, with modern vehicles sharing streets with rickshaws, modern skyscrapers neighbouring hovels, and elite […] Read more

outdoor lighting

How we choose highly profitable companies at reasonable valuations

Investing for Fun & Profit: It's both an art and a science -- but mostly science

In previous articles I’ve frequently mentioned the importance of selecting highly profitable companies at reasonable valuations. I’d like to illustrate with a real-life example of a switch I made in our tax-free savings accounts (TFSAs) at the start of the year. Our TFSA performance has lagged recently even though since inception they are still running […] Read more


guy looking skyward holding sign proclaiming end times

Markets are dispassionate to our human disasters

Investing for Fun and Profit: While headlines may exalt a unique situation, to markets it's 'same as it ever was'

The first public stock exchange opened in Amsterdam in 1611, trading one company, the Dutch East India Company. Twenty-five years later, coincident with tulip mania, the company had a market cap of 78 million Dutch guilders, which translates to $9.7 trillion current U.S. dollars, putting Microsoft’s and Apple’s near-$3 trillion valuations into perspective. The London […] Read more

The stronger the consensus, the more wrong it usually becomes.

‘Everybody’ is usually wrong — and why it must be so

Overwhelming strength of sentiment, when few buyers or sellers remain, can bend a trend

Everybody is familiar with the colloquial term “Everybody is doing X.” By “X” we don’t mean “formerly Twitter” — everybody has been writing “X (formerly Twitter)” so I thought I would do the opposite. In this case you’re welcome to fill in whatever you wish for X. Salespeople often use the phrase to help sell […] Read more


Just two per cent of the total companies in the S&P 500 index now represent 32 per cent of the entire index by market value.

Economic and market outlook for 2024

If the U.S. avoids recession, Canada's will probably be shallow

It’s difficult to make predictions, especially about the future.” One of my favorite prediction quotes comes by way of the legendary baseball player, manager and philosopher, Yogi Berra. This quote, like many of his famous quips, incorporates a meaningful paradox. Following up on my previous column, the TSX ended 2023 with a total return — […] Read more

Oil inventories remain low, but recession fears leading to price declines continue to permeate the market.

How did 2023’s economic and market predictions turn out?

Predictions are often made but their accuracy never evaluated, yet this is an important step

For the past seven years in my newsletter, I have made annual “Fearless Predictions.” I also summarize predictions from the investment industry. The last chapter of my book, titled “If I claim to be a wise man…it surely means that I don’t know,” launched my annual prediction exercise, largely to poke fun at the process. […] Read more


exterior photo of the toronto stock exchange

The value of target prices

How accurate are analysts’ projections on stocks’ price movements?

One aspect of my character that has served me well over the years is a healthy sense of skepticism of what I hear or read. This “skill,” for lack of a better word, is becoming increasingly important in the information age, more accurately described as the misinformation age. I read a lot to know what […] Read more

Several reasons exist for the recent divergence between our two interconnected economies.

The tale of two economies

Strong energy prices would normally lead to a strong Canadian currency

U.S. third-quarter GDP (gross domestic product) grew at an annualized rate of 4.9 per cent. This followed second-quarter growth of 2.1 and first-quarter of 1.1 per cent. Rather than the widely predicted recession, the U.S has experienced accelerating growth. Canada, on the other hand, is flatlining, with first-quarter growth of 0.8 per cent, second-quarter at […] Read more