The Svartsengi geothermal power plant in Iceland. An overlooked alternative energy source is geothermal. With its volcanic environment, Iceland produces 20 per cent of its electricity with geothermal.

Investing opportunities in alternative energy

Why can’t we have a rational debate in search of pragmatic goals?

Some of my past writings may have left you with the impression I exhibit Luddite-like attitudes toward new sources of cleaner energy. That wouldn’t be an accurate impression as I have been investing in alternative energy for a long time. I simply wish there was a more fact-based, rational discussion on the pros and cons. […] Read more

A few things I don’t like about corporate behaviour

A few things I don’t like about corporate behaviour

Pet peeves about stock option awards, share buybacks and more

Generally, I write very supportively of our capitalist system as in last September’s column, “Profit is not a four-letter word.” This time I will outline several items that often reduce shareholder returns and provide fodder for socialist attacks on the capitalist system that is responsible for our high standard of living. Excessive stock option rewards […] Read more


Authorities didn’t think this money supply expansion would cause inflation because it didn’t cause inflation during the 2008-09 financial crisis.

Interest rate herky-jerky

What led to the demise of Silicon Valley Bank?

Here’s my definition of herky-jerky: an overreaction of equal magnitude but opposite direction to previous overreaction. Disclosure: I am in no way an expert on the nuances of money supply and the inner workings of bank policy. What follows is my layman’s perspective of what caused the March bank panic. To say I am puzzled […] Read more

To take this annual return calculation approach, we must drop one of the long-held market misperceptions — that we must sell to profit.

Do you have to sell in order to profit?

Investing for Fun and Profit: Measuring and benchmarking are key to understanding performance

According to a Bloomberg article, average retail investors lost 30 per cent in 2022, significantly underperforming the 17 per cent loss of the S&P 500. While this is U.S. data, it seems unlikely that Canadian investors fared much better given the excitement around technology and disdain for energy. This was by no means an anomalous […] Read more


How do market participants decide what to buy? 

How do market participants decide what to buy? 

Steps in the selection process

There is no shortage of jargon and theories on how to select the best stocks. This column will attempt to describe the main processes people use, and what my 40 years of experience has taught me about them. Hearsay or hot tips During the speculative buildup to The Great Depression, shoeshine boys provided hot tips […] Read more

It may sound simple, but it’s estimated that 70 per cent of day traders quit after a year and 95 per cent after three, and not because they become wealthy.

Investing styles and definitions

Investing For Fun and Profit: Which category do you fall into?

After completing the last column, I thought perhaps a better definition of growth and value would be in order as well as defining other common investment styles and strategies. There are three kinds of market participants often referred to under one umbrella as “investors,” however, I like to distinguish between the three: 1. Speculators orient […] Read more


Having a reasonable cost of money – ie: higher interest rates – often motivates a more judicious use of personal finances.

Value investing is dead … long live value investing

“Reports of my death have been greatly exaggerated” — Mark Twain

As I was cleaning my desk clutter, I came across a Globe and Mail article titled, “Five reasons why value investing may never regain its appeal.” It appeared Aug. 27, 2019, after a decade in which growth stocks had significantly outperformed value stocks. It isn’t unusual to see these types of headlines just before a […] Read more

Recessions usually don’t occur until a few years after the interest rate tightening cycle begins.

Stock market and economic outlook

Why aren’t we listening to Warren Buffett?

Warren Buffett is one of the best investors the world has ever seen. One of his most famous quotes is, “Be fearful when others are greedy, and greedy when others are fearful,” which aligns with the direction of my thoughts for the coming year. By the time you read this, some of the predictions may […] Read more


‘A pinball wizard’s got such a supple wrist’

‘A pinball wizard’s got such a supple wrist’

For many market participants, 2022 was a volatile and negative year

Strategically located a block from my high school, lurked a pool hall readily luring innocent students from their studies. While it was busiest during lunch hour and après school, business remained brisk during school hours. Must have been students on their spares! At its entrance stood a bank of pinball machines, always busy and always […] Read more

*Acquisition integration affecting trailing 12-month. **One very bad year of writedowns affecting 10-year numbers. Currency is native currency of the company.

Who makes the big bucks in the agri-food sector?

From an investment standpoint, choose carefully

After studying the ag supply sectors in my last article, I wanted to take the project a step further to examine companies between the farm gate and the consumer. Like with ag suppliers, my findings are somewhat surprising. I looked at four sectors: grain handling and primary processing, railroads, food manufacturers and food retail, with […] Read more