2023

The report on Visa Inc. is updated and rated (lower) Buy at $260.
This has been and is likely to continue to be a very high quality investment. It's not cheap but is also not extremely expensive in relation to earnings and its quality. It's been a fa...

Today is the last trading day of the year.
On Thursday, the S&P 500w as about unchanged while Toronto was down 0.4%.
Markets are relatively quiet but down mostly so far today.
Aecon Group is up 2.9%% after announcing it has paid off its 5% conver...

Wednesday session saw the S&P 500 up 0.1% and Toronto up 0.65%.
AutoCanada jumped 8.2% on the news that I mentioned in my previous post. I think management here is strong and aggressive in pursuing profits and improvement. But the high debt is a ...

On Tuesday, the S&P 500 was up 0.4% while Toronto was closed for the holiday.
I did not see any particularly notable moves in the stocks I monitor.
Stock market futures suggest a quiet opening for the U.S. markets.
AutoCanada has sold a 10% inter...

The report on Toll Brothers is updated and rated Weak Buy / Hold at $104. This stock has surged from about $68 just two months ago. Its contracts to build new homes have surged recently and so the stock price could very well continue to rise. Home Bu...

On Friday the S&P 500 was up 0.2% while Toronto was up 0.6%.
On Thursday and continuing somewhat on Friday the tow Brookfield Office Properties (BPO)  preferred shares were down a total of over 10% after S&P downgraded the debt of its parent ...

On Thursday markets mostly recovered from the little swoon of Wednesday afternoon as the S&P 500 rose 1.0% and Toronto rose 0.8%.
Linamar was up 2.9% after announcing an acquisition.
After the close it was announced that the Canadian Minister of ...

Markets turned noticeably lower in the last couple of hours of trading on Wednesday. The S&P 500 ended the day down 1.5% while Toronto was down 1.15%.
FedEx got hammered down 12% today in reaction to its earnings release yesterday afternoon. I ha...

Markets powered ahead some more on Tuesday with the S&P 500 up 0.6% and Toronto up 1.05%.
West Fraser Timber surged 10.2% but I did not see any new to explain that. Possibly an analyst upgrade.
TFI International was up 3.0%.
Statistics Canada rep...

On Monday, the markets continued to push higher on hopes that "lower interest rates (like St. Nick) soon would be here".
If those hopes are dashed in any way including by the upcoming wording of the Fed's meeting minutes, then things could go the oth...

I've just updated most of the preferred shares on our list. With a good selection of both perpetual and rate resets.
I'm surprised that the perpetuals have not risen more in response the the sharply lower government bond yields this past week and rec...

On Friday markets curbed their recent enthusiasm a bit as the S&P 500 was about unchanged on the day and Toronto was down 1.2%.
Costco was an exception as it gained another 4.45% after its earnings release and its announcement of a $15 special di...

An interesting day in the markets on Thursday. The S&P 500 was up 0.3% and Toronto was up 0.7%.
Shopify was up 4.2%.
Toll Brothers was up 9.0% which seems a bit crazy after its recent gains. I decided to reduce my position which may not have been...

On Wednesday, the Fed delivered quite the Christmas Present indicating that the rate increases are over and that its likely that there will be three rate cuts by the end of next year.
Stocks and bonds jumped as this news came out at 2 pm eastern.
The...

On Tuesday, after a slow start, the S&P 500 ended the day up 0.5% while Toronto was down 0.4%.
Oil prices were down with West Texas currently at $68.82 down 3.5% today.
Costco pushed up another 0.9%.
Restaurant Brands was up 1.9%. And Visa Inc. w...

The report on Andrew Peller is updated and rated Weak Sell / Hold at $4.57. (Friday's closing price). (It closed today at $4.40)
This has turned out to be a low return business in terms of its accounting profit for the past few years and the share pr...

On Monday the S&P 500 was up 0.4% while Toronto was down 0.1%.
Costco was up another 2.1%. I have long said it's a powerhouse. But I have been surprised at the recent gains. It's expensive at 43 times trailing earnings and 39 times analyst foreca...

On Friday, the S&P 500 was up 0.4% and Toronto was up 0.3%.
lululemon was up 5.4% as the market decided it liked its earnings results. I'd be tempted to trim my position at this price ($490). If I do so, I'll be hoping to buy back in at a lower p...

On Thursday the S&P 500 was up 0.8% while the Toronto stock index was about unchanged.
Toll Brothers was up another 2.5%.
After the close, lululemon reported another strong quarter but apparently gave a cautious outlook for their all-important Ch...

I saw a mention today that Canadian Utilities is offering to covert it's thinly traded class B voting shares to Class A non-voting shares on a one-for one basis. The parent ATCO Inc. controlled by the late Ron Southern's family owns 97.4% of the B sh...

On Wednesday, the S&P 500 was down 0.4% and Toronto was down 0.5%
Shopify was down 4.8%.
After the close CN Rail announced a small U.S. acquisition but it is pending U.S. approval. They said the deal "closed into a voting trust" pending approval....

Markets were relatively quite on Tuesday...
This morning they started off strong buy then started to fall and are down modestly at the moment.
As expected, the Bank of Canada left interest rates unchanged in its decision today. Bond yields are down m...

On Monday the S&P 500 was down 0.5% and Toronto was down 0.2%. This comes after very strong recent gains.
West Fraser Timber was up 4.9%.
Today, the market seemed to decide that maybe it was no quite so sure about coming interest rate reductions ...

This is an update on a very disappointing investment.
I've rarely had any penny stocks on the site but RIWI Corporation was on the site from July b2020 until I believe the end of 2021. Unfortunately the price in that time has slipped from $2.95 to $0...

Markets ended the week with strong growth on Friday as bond interest yields fell even as the Fed Chair tried to warn he might possibly not be done raising interest rates yet. (The market did not believe him).
On Friday, the S&P 500 was up 0.6% an...

On Thursday, the S&P 500 was up 0.4% and Toronto was up 0.6%.
Bank stocks were mostly higher today except for TD which reported disappointing earnings.
In general it was another good day to be an investor.
But there are many signs that the Canadi...

On Wednesday, the S&P 500 was down 0.1% but Toronto was up 0.4% and most of the stocks on our list were higher on the day.
Canadian Western Bank was up 2.2%. It's hanging in well in the face of news about bank loan loss provisions. I do think it'...

On Tuesday, the S&P 500 was up 0.2% while Toronto was about unchanged.
The market appears to be increasingly convinced that the that peak of interest rates has been reached. The yield on the 5 year government of Canada bond is down to 3.7%. In ea...

On Monday the S&P 500 was down 0.2% and Toronto was down 0.35%.
Shopify was up 4.1% after reporting strong Black Friday results.
...

On Friday, markets were little changed with the S&P 500 up 0.1% and Toronto down 0.1%.
The rate reset preferred shares were mostly up on the day. These have mostly done quite well in the past month since they dipped at the end of October.
Many hi...

The report on Melcor Developments is updated and rated Buy at $10.36. This has indeed been a frustrating investment. Based on its book value per share of $39.50 it appears to be vastly under-valued. But it has made poor returns on equity for the past...

On Thursday, the U.S. markets were closed for the holiday while Toronto was about unchanged on the day.
This Friday morning markets are little changed with no moves of any particular note for the stocks on our list.
U.S. markets close early today at ...

TransAlta is added tot he list rated Speculative Buy at $10.91. This company has quite a poor long-term history. But management has changed and its generation assets have changed as it phased out coal (converting some coal units to natural gas) and a...

On Wednesday the S&P 500 was up 0.4% while Toronto was about unchanged.
Most stocks on our list were up on the day.
Canadian Tire was down 2.7% and it was also down yesterday. The worry is that much of what it stocks is discretionary in nature. I...

On Tuesday the S&P 500 was down 0.2% and Toronto was down 0.7%.
Canadian inflation came in a little lower than expected adding to confidence that there will likely be no more interest rate increases in the foreseeable future and that the next mov...

On Monday, the S&P 500 was up 0.7% and Toronto was up 0.35%.
I plan to add TransAlta Corporation to our list soon. I have experience in the power industry and I am interested in following this sector to some degree. I bought a small position in T...

On Friday, the S&P 500 edged up 0.1% while Toronto was up 0.6% as oil recovered somewhat.
Canadian Tire was up 2% to 148. It faces a softer economy with people cutting back on discretionary spending. It's had a strong recovery since it dipped to ...

On Thursday, the S&P 500 was up 0.1% while Toronto was about unchanged despite a noticeable drop in oil prices.
Costco was down 3.0% after Walmart apparently warned of softer sales conditions ahead.
AotoCanada was down 4.8%. This one could certai...

On Wednesday, the S&P 500 and Toronto wee each up 0.2%
Notable gainers included: Shopify up another 3.4%, Linamar up 4.0%, and Constellation Software up another 2.3%.
After the close, the Melcor REIT announced that its next monthly distribution w...

Autocanada is updated and rated speculative Buy at $19.35.
This has been a highly volatile stock. But I believe that the management that took over in 2018 are quite strong.
Markups or gross margins on vehicles have become highly volatile in the past ...

Wow, markets jumped on Tuesday after U.S. inflation came in lower-than-expected giving further hope to the idea that the FED's interest rate hikes may be at an end.
The S&P 500 surged 1.9% and Toronto surged 1.6%.
The great majority of stocks ros...

On Monday, the S&P 500 edged down 0.1% while Toronto was up 0.3%. (I understand oil prices were slightly higher)
Stantec was up 2.3%.
Dollarama hit $100. My god, that is a profitable business.
Constellation Software was up another 1.9%. This has ...

On Friday, the S&P 500 rose through the day and ended the day up a stout 1.6%. Toronto was up 0.3%.
Stantec was up a hefty 8.6% after a strong earnings report.
Similarly, Constellation Software was up 3.7%.
Most of the better companies were highe...

Yesterday, I posted an updated report on Canadian Tire. This is a well-managed company. It has really been firing on all cylinders since about 2011 with an average ROE of 16% and got over 20% with the pandemic sales in 2020 and 2021. Everyone was buy...

On Thursday, the S&P 500 was down 0.8% and Toronto was up 0.3%.
Last week markets got a strong boost from lower yields in the bond markets on expectations that the interest rate increases might be at an end and that rates would decline somewhat w...

AutoCanada got hammered down 21% after releasing earnings. They have been really hard hit by higher interest rates. I knew that interest rates were a headwind for them but I thought that vehicle margins should be high with the shortage of vehicle. Bu...

Wednesday's action saw the S&P 500 edged up another 0.1% while Toronto was down 0.2% likely due to softer oil prices.
After the close, Linamar reported better-than expected results.
WSP Global also reported after the close and describe their earn...

The report on the Melcor REIT is updated and rated Hold at $4.01. Unfortunately it appears that higher interest rates are a bigger problem than I had previously realised. Perhaps much bigger.
They are doing quite well getting the occupancy back up cl...

On Tuesday the S&P 500 was up 0.3% but Toronto was down 0.85%.
Bond interest rates were down moderately but Toronto was impacted by lower oil prices.
Cameco and Brookfield completed their acquisition of Westinghouse Electric Company. This brings ...

I notice this morning that TD Direct is offering a re-opening of a province of Manitoba bond maturing in about 10 years. The coupon is only 3.8%. But the yield to maturity is 4.57% since the price is 94.09 cents per dollar of face value.
If you are i...

On Monday, the S&P 500 edged up another 0.2% while Toronto as down 0.4%.
Bond yields were up moderately following the sharp drops last week.
RioCan was down 2.8% to $17.81. I looked at its Q3 results today and I think it is very well positioned. ...

On Friday, the markets capped off a very strong week as the S&P 500 gained 0.9% and Toronto gained 1.0%.
On Friday the market gained more confidence that the FED's interest rate hikes have likely peaked and so bond yields came down somewhat which...

Stocks accelerated their rebound on Thursday. The S&P 500 was up a hefty 1.9% and Toronto was up a somewhat stunning 2.9%.
It appears that the market is betting that we have likely seen the top of the interest rate cycle.
Shopify surged 21% after...

Wednesday's markets were strong as the S&P 500 was up 1.05% and Toronto was up 1.1%.
Shopify was up 3.3%.
Toll Brothers surged 5.0% and has been making frequent announcements about new communities opening up for sale. Despite high interest rates ...

TransAlta Corporation in my opinion has been a horribly managed company over most of the past 25 years or so.
But lately I am hearing a lot about how the Alberta Power electrical generation companies are gouging customers due to certain changes in th...

Markets were up on Tuesday as the S&P 500 gained 0.65% while Toronto edged up 0.1%.
Cameco was up 8.35% after releasing earnings and a stronger outlook.
We finally got some relief from the ever declining Brookfield Office preferred shares that ar...

P.S. I've now updated this comment in bold below
Canadian Tire's shares CTC.A are down 3.2% after they announced they will buy back the 20% of their bank division that they sold to Scotia Bank some years ago. They are paying $895 million.
To me this ...

Markets rebounded somewhat on Monday as the S&P 500 rose 1.2% and Toronto rose 0.6% (in spite of oil being down about $3.00)
The great majority of stocks were up on the day.
Aecon Group bounced up 6.7% presumably becasue analysts have had time to...

The report on the Brookfield Office Properties preferred shares BPO.PR.A and BPO.PR.G are updated. See links on the Subscriber home page.
These two have been, frankly, terrible investments. The market is signalling that these are quite or very high r...

On Friday the S&P 500 was down 0.5% and Toronto was down 0.7%.
Year to date, the S&P 500 is up 7.2% while Toronto is down 3.3%.
On a positive note bond yields did retreat somewhat in the past few days.
Next week, the market will react to the ...

Thursday was another negative day in the markets with the S&P 500 down 1.2% and Toronto down 0.4%.
Shopify was down 3.5%.
Stocks that managed small gains on the day included Toll Brothers. Fortis, Canadian Western Bank, Canadian Tire and Royal ba...

On Tuesday the S&P 500 fell a hefty 1.4% while Toronto was down 0.2%
Shopify was down 6.9%.
Most stocks were down. But some hung in for small gains including Restaurant Brands, Fortis Inc, TFI International (rebounding a little from yesterday's d...

On Tuesday, the S&P 500 was up 0.7% while Toronto was down 0.3%.
TFI was down 8.3% due to its lower earnings. But I would be tempted to nibble on that one.
CN Rail reported after the close with weak results but was about unchanged after-hours.
Vi...

On Monday, markets ended the down moderately although they had been up moderately for much of the day. The ten year U.S. bond yield declined somewhat which was positive for markets.
The S&P 500 was down 0.2% and Toronto was down 0.4%.
American Ex...

The report on American Express is updated and rated (higher) Buy at $142.
This is a high quality company with a return on book equity of 32%. It trades at about four times book value but a relatively modest 13 times trailing earnings per share. Recen...

Markets were down once again on Friday. The S&P 500 was down 1.3% and Toronto was down 1.2%.
Longer term interest rates such as notably the yield on the ten year US treasury bond continued to rise this week and today and that is putting pressure ...

Markets were down on Thursday as the S&P 500 declined 0.85% and Toronto was down 0.5%.
Restaurant Brands was one of the very few gainers on my list and was up 2.6%.
Markets may continue to slide with higher interest rates or they could turn aroun...

The report on Dollarama is updated and rated Weak Buy /Hold at $94. This is a fantastic company and its recent earnings growth is stellar. Therefore it may continue to be a great investment. But it is expensive at 30 times trailing earnings and so so...

On Wednesday the S&P 500 was down 1.3% and Toronto was down 1.2%.
Interest rates on the bond markets rose to new highs once again not seen in about two decades. A scenario of "higher for longer" is a negative for stock prices.
Almost all the stoc...

On Tuesday, the S&P 500 was unchanged while Toronto was up 0.4%.
AutoCanada was strong with a 3.7% gain
Canadian inflation for September came in slightly lower than expected at 3.8% year over year. This supports predictions that the Bank of Canad...

Markets were strong on Monday with the S&P 500 up 1.1% and Toronto up 0.8%.
lululemon jumped 10.3% on news that it will become part of the S&P 500. This means that numerous funds that track the S&P 500 will HAVE to buy shares and this pus...

The report on Constellation Software is updated and rated Weak Sell / Hold at $2828. This is a wonderful company. It has fantastic management and a fantastic track record. But it is also a complicated company with complicated accounting. My only real...

On Friday, markets were initially higher after several banks "beat expectations". But at the end of the day the S&P 500 was down 0.5% and Toronto was down 0.2%.
The energy and infrastructure segment in Canada got good news when large portions of ...

Markets were down on Thursday after U.S. inflation came in a little high and led to expectations that the FED might have to increase interest rates at least once more.
The S&P 500 was down 0.6% and Toronto was down 0.8%.
The great majority of sto...

The report for Alimentation Couche-Tard is updated and rated Buy at $74.34.
This has been an incredible long-term performer. The stock is actually up an astounding 2463% since It was first added to this site rated (lower) Strong Buy at (split adjuste...

On Wednesday, the S&P 500 was up 0.4% and Toronto was up 0.8%.
AutoCanada was up 3.2%.
Alimentation Couche-Tard announced its latest 5 year goals today. They plan to increase their EBITDA from $5.8 billion to $10.0 billion by the end of fiscal 20...

On Tuesday, the S&P 500 was up 0.5% and Toronto was up a hefty 1.3% - partly due to playing catchup as it was closed yesterday.
Within a few days we will start getting the first of the Q3 earnings reports.  There is always some news or other to m...

On Monday the S&P 500 rose 0.6% despite the events in Israel.
U.S Treasury bond yields declined slightly as there was a modest "flight to quality" impact.
Oil was up several dollars.
Toll Brothers was up 2% and continues to open new communities.
...

Note that Canadian stock markets are closed today for the holiday.
On Friday the S&P 500 rebounded somewhat with a 1.2% gain and Toronto was up 0.6%.
AutoCanada bounced up 5.5%.
But them on the weekend we had the attack on Israel followed by a a ...

The report on Costco is updated and rated (lower) Sell at $558. Given the fantastic quality of this company I hesitated to put any kind of Sell rating on it. Historically, selling Costco has been a mistake. But I find its current price earning ratio ...

On Thursday the S&P 500 was down 0.1% while Toronto managed a 0.5% gain.
I notice PepsiCo was down 5.2% and it has been sliding for some months. Possibly people are finally cutting back on soft drinks and snacks. I saw a story on BNN this morning...

Market declines continue today with the S&P 500 down 0.6%. But Toronto is up 0.2%.
AutoCanada is down 4.0%. This could be related to the auto strikes. AutoCanada has been volatile but is a well managed company. It's management is always focused o...

On Tuesday, the S&P 500 was down 1.4% and Toronto was down 0.8%. A lot of the stocks on our list were down more like 3%. The Melcor REIT got clobbered.
The BIG news was government bond yields jumping up again. The 5 year Canada bond yield spiked ...

On Monday, the S&P 500 was unchanged on the day while Toronto was down 1.9%.
Oil has retreated to $88 U.S.
Cameco (uranium company) was down 4.7% which comes after very significant gains in recent weeks and months.
The CEO as well as the chair of...

Friday was also the end of the third quarter. Within a couple of weeks we start to get U.S. Q3 earnings reports followed by the Canadian companies mostly late September and well into October in many cases. There is always news coming out to move indi...

On Thursday markets rebounded somewhat with the S&P 500 up 0.6% and Toronto up 0.8%.
Yesterday, after the close, lululemon signed a deal with Peloton which sent Peloton shares up smartly but lululemon was unchanged on the day.
Today a report on A...

Wednesday's session saw the S&P 500 unchanged and Toronto down 0.6%.
The big news this week is that bond interest rates have been spiking higher. The 5 year government of Canada bond is now at 4.38%.
Check the graph here. Click to see the 1 month...

Tuesday's session saw the S&P 500 down a hefty 1.5% and Toronto down 1.2%.
Shopify was down 3.4%. Toll Brothers which continues to open new communities of homes for sale on a regular basis was down 1.8%.
Canadian Tire was down 2.2% to $145.59. It...

On Monday, the S&P 500 was up 0.4% and Toronto was up 0.1%.
Cameco was up 3.6%.
TD Bank announced that it will redeem one of its rate reset preferred shares on October 31 at $25 rather than having it reset. This was TDB.PF.K  It was up 15.4% toda...

On Friday, markets rebounded a bit as the S&P 500 was up 0.55% and Toronto was up 0.15%.
The Canada 5 year bond yield is at 4.25% and mortgage rates are once again on the rise. This is not good news for the markets. And it's horrible for those wi...

Ouch, Thursday ended with the S&P 500 down 1.6% and Toronto down 2.1%.
Most stocks were down. Shopify was down 5.6%, Toll Brothers was down 3.9%.
Markets have concluded that the interest rates will be going higher and staying higher for longer. T...

Greetings from Athens where the weather is very nice and the City seems quite vibrant and busy with tourists.
On Wednesday stock markets were down somewhat. On Thursday as of 1 pm eastern the S&P 500 is down 1.1% and Toronto is down 0.55%.
It's n...

Markets were negative on Tuesday with the S&P 500 down 0.2% and Toronto down 1.3% even though West Texas Intermediate oil is hanging in at close to $92 U.S. dollars.
Canada's August inflation number came in a bit hotter than expected and this cau...

Monday's action saw the S&P 500 almost unchanged with a 0.1% gain while Toronto was down 0.6%.
Shopify was down 5.4%. It's always a volatile stock.
Bond interest rates had declined somewhat as we entered September. But they have crept up since. T...

On Friday, the S&P 500 was down 1.2% but Toronto was up 0.3%.
The Melcor REIT fell 4.5% to $4.48. This appears to be due to an unusually large trading volume of 63,570 units compared to a daily average of 5,700 units. It appears that someone was ...

The report on RioCan is updated and rated Buy at $19.76. Higher interest rates are a headwind but their rents are also increasing and they are a very well managed operation. The units appear to be somewhat under-valued at this time.
...

You never know which day in the markets will offer an out-sized gain or an unexpectedly large loss. This morning I saw a headline that the US producer price index had come in significantly higher than expected. So, I figured stocks would be down toda...

Markets were modestly higher on Wednesday with the S&P 500 up 0.1% and Toronto up 0.3%.
The big winner today was Dollarama, up 5.9% after releasing a strong earnings report and outlook. This company almost always looks expensive but it is a very ...

Markets were somewhat mixed on Tuesday with the S&P 500 down 0.7% and Toronto up 0.2%.
There were'nt any particularly notable moves in the stocks I monitor.
Tomorrow morning Dollarama will report earnings.
I'm taking a look at RioCan now. I suspe...

Monday was a strong day in the markets with the S&P 500 up 0.7% and Toronto up 0.5%.
Tesla was up 10.1%. That company is not covered on our Subscriber Home Page list but I own a very few shares and I keep an eye on it.
Most of the stocks on our l...

The report of lululemon is updated and rated Speculative Buy at U.S. $396.
It's very high quality company but is expensive in relation to earnings.
It so happens that I rated it the same and had the same thoughts almost one year ago. Back then it was...

On Thursday, markets were down modestly with the S&P 500 losing 0.3% and Toronto losing 0.5%.
The government of Canada 5 year bond yield was down modestly to 3.95%. Hopefully we are at or near the end of the interest increases. Now and for the pa...

On Wednesday the S&P 500 was down 0.7% and Toronto was down 0.9%.
Enbridge was down 5.9% to $45.31. That was to be expected when they were selling shares at $44.70. The offering appears to have been over-subscribed and sold out easily. I put in f...

On Tuesday, markets were generally to the downside. The S&P 500 was down 0.4% and Toronto was down 0.6%.
Toll Brothers was down a hefty 5.5%. But given big gains last week it remains somewhat higher than it was a week ago. Perhaps a bit of a tug ...

On Friday the S&P 500 was up 0.2% while Toronto was up 1.25%.
Canadian Western Bank jumped 11.4% after releasing Q3 earnings on Friday morning. I have a very large exposure to this company with over 13% of my portfolio invested in it. So, Friday ...

The report on Canadian Western Bank is updated and rated (higher) Buy at $29.30. CWB released earnings Friday morning and the stock rose 11.4% on the news. After quite a string of weak quarters it appears to have turned a corner. The net interest mar...

Our report on CN Rail is updated and rated (lower) Buy at CAN $153 or US $112. This is a great company and enjoys a duopoly position with CP Rail. But the out look for the last half of this year is for earnings per share to be about 10% lower than th...

On Thursday, the S&P 500 and the Toronto stock index were each down a modest 0.2%.
Shopify was a big winner with a 10.7% gain after announcing a deal with Amazon to allow Shopify merchants to access the benefits of Amazon Prime shipping for their...

Wednesday was another day when simply holding a diversified portfolio and doing nothing at all resulted in a capital gain. Most days are like that although of course a minority of days deliver a capital loss in the portfolio value. On top of the capi...

Markets were very strong on Tuesday as the S&P 500 rose 1.45% and Toronto rose 1.3%.
Shopify was up 4.1%.  TFI International was up 3.1%.
My next update will be for CN Rail. What I see so far is that rail car loadings are down for the industry in...

On Monday the S&P 500 was up 0.6% and Toronto was up 0.95%. So it was another good day to be an investor holding a diversified portfolio.
AutoCanada was strong with a 5.0% gain.
This morning we had two banks reporting earnings. Bank of Nova Scoti...

I added  quite a few more preferred shares to the list on the Subscriber Home Page. I included all those that were mentioned in my preferred share article.
When it comes to the rate reset preferred shares, my top picks at the moment would be those th...

On Friday, the S&P 500 was up 0.7% and Toronto was up 0.3%.
The FED chair Jerome Powell reiterated that the FED is committed to getting inflation back to 2%. The implication appeared to be that a another interest rate increase or two might be com...

Toll Brothers is updated and rated (lower) Buy at $75.49. Given a period of sharply lower contracts to build homes in the last half of fiscal 2022 and first half of fiscal 2023, I had expected it to be reporting earnings declines over the past two qu...

Markets are somewhat weaker this morning and interest rates on the bond market have moves a little higher.
Recently I had mentioned an Emera rate reset preferred share (EMA.PR.H) which has very recently reset and will pay $1.581 annually starting wit...

On Thursday, the S&P 500 was down 1.35% and Toronto was down 0.5%.
The great majority of stocks that I follow were down modestly on the day.
Royal Bank was up 2.0% after reporting earnings.
lululemon was down 4.6% and will releaser earnings appar...

On Wednesday markets were strong as the S&P 500 rose 1.1% and Toronto rose 1.0%.
Shopify was up 5.0%. 
Toll Brothers was up 3.9% due to its strong earnings release.
AutoCanada was down 4.8%.
Interest rates in the bond markets took  a little dive ...

Aecon group is updated and rated only a Weak Sell / Hold at $10.93. Aecon is a huge construction company and has been a disappointing investment since I first started looking at it over 4 years ago.
They had apparently under-bid on several very large...

On Tuesday, the S&P 500 was down 0.3% and Toronto was down 0.5%.
There were no unusual moves in the stocks I keep an eye on.
Interest rates in the bond markets continued to move higher today.
After the close Toll Brothers released what appears to...

On Monday, the S&P 500 was up 0.7% . The gains came in the afternoon, as this market trended lower in the first few hours of trading. Toronto was down 0.2%. 
The government of Canada 5 year bond yield rose to 4.195%. This higher rate probably exp...

On Friday, the S&P 500 and Toronto were each about unchanged. And there were no individual gainers or losers of any particular note among the stocks I keep a close eye on.
The Government of Canada 5 year bond is at 4.13%. The higher that rate goe...

Markets were down modestly on Thursday with the S&P 500 down 0.8% and Toronto down 0.4%.
Shopify was down 3.8%.
Toll Brothers was down 4.6% as higher interest rates are a definite headwind for new home sales. Meanwhile though they have been annou...

On Wednesday the S&P 500 was down 0.8% while Toronto was unchanged.
On the bond markets, interest rates continue to edge higher. The 5 year government of Canada bond yield is at 4.18%. The notion of "higher for longer" is settling in.
For years w...

Markets were noticeably negative on Tuesday with the S&P 500 down 1.0% and Toronto down 2.0%. That's no surprise given various signs of a softening economy. This morning Target is warning of lower profits.
Most stocks were down 1 to 2.5%.
Toll Br...

Canadian inflation for July was about as expected. Higher month over month but the downward trend is intact.
An interesting tidbit was that "Electricity prices rose significantly in Alberta, increasing by 127.8% in July on a year-over-year basis."  M...

On Monday, the S&P 500 was up 0.6% while Toronto was down 0.6%.
The Q2 earnings season is basically over now which could lead to quieter markets.
The bond market does not seem to be signaling that interest rates will decline anytime soon. The 5 y...

Friday's action saw the S&P 500 down 0.1% and Toronto up 0.3%.
Canadian Tire was down another 5.5% adding to similar losses on Thursday. The market is worried after Canadian Tire reported lower discretionary sales. This could certainly continue. ...

On Thursday, the S&P 500 was about unchanged while Toronto was up 0.3%.
Canadian Tire was down 4.5% after the weak results I mentioned yesterday. Possibly a sign of lower consumer spending ahead.
AutoCanada was up an impressive 16.6% after its go...

On Wednesday, the S&P 500 was down 0.7% while Toronto was up 0.3%.
A number of companies had strong earnings reports yesterday. Linamar was down 3.3% yesterday but then after the close reported very strong results. 
Grocer/ Pharmacy Metro reporte...

On Tuesday, the S&P 500 fell 0.4% and Toronto fell 0.15%.
AutoCanada was up 4.0% and will release earnings tomorrow (Thursday) morning. As a well-managed company I am hoping for good profit news. But their debt and interest costs may be an issue ...

On Monday, the S&P 500 was up 0.9% while Toronto was closed for the civic holiday. (And people wonder why productivity is lower in Canada - for one thing we get more holidays.)
Berkshire Hathaway was up 3.6% to a new all-time high. Never dismiss ...

Friday saw the S&P 500 down 0.5% and Toronto up 0.6%
Amazon was up 8.3%. Wow!
AutoCanada was down 4.9%. But they don't release Q2 earnings until Thursday so I'm not sure this is anything more than sort of random noise.
Apple was down 4.8%. Invest...

On Thursday the S&P 500 was down 0.25% and Toronto was down 0.5%.
Shopify was down 5.4%. It released earnings earlier this week. There is probably little reason to expect this stock to rise in the short term. I feel comfortable with my decision t...

On Wednesday the S&P 500 was down 1.4% and Toronto was down 1.5%.
This was blamed mostly on the fact that the credit rating agency Fitch has downgraded the U.S. from triple A (AAA) to double A plus (AA+). This pushed the yield on U.S. treasuries ...

Tuesday saw the S&P 500 down 0.3% and Toronto down 0.45%.
I was surprised that TFI International was up 3.1% after announcing lower year-over-year earnings that reportedly were below analyst expectations. Really? Maybe earnings were expected to b...

On Monday, the S&P 500 was up 0.15% and Toronto was up 0.5%.
Cameco was up 3.2% as the U.S. brought on line its first new nuclear reactor in about seven years. This is a tough business but I have mentioned a few times that it may be time for uran...

Markets were higher on Friday with the S&P 500 up 1.0% and Toronto up 0.7%.
Meta was up another 4.4%. And Amazon was up 3.1%.
Shopify was up 3.2%.
After the close the Melcor REIT released Q2 earnings which were not great but not too bad. Expenses...

On Thursday the S&P 500 was down 0.6% and Toronto was down 0.9%.
Meta (Facebook) was up another 4.4%. The gains on this since last Fall when it was out of favor have been massive especially considering the size of the company. 
Most stocks on my ...

On Wednesday, the S&P 500 was about unchanged while Toronto was up just 0.05%.
TFI International was very strong with a 4.3% gain. That is strong especially considering CN rail just reported a 7% revenue decline in Q2. TFI has not yet reported. T...

On Tuesday the S&P 500 was up 0.3% whil;e Toronto was down 0.15%
There are signs that the economy is slowing. 
CN just reported weak Q2 results with a 7% revenue decline. Intermodal (consumer goods) was one area that was down.
StatsCan reported e...

On  Monday, the S&P 500 was up 0.4% and Toronto was up 0.2%.
The S&P 500 has continued to go higher powered by about 7 dominant stocks. Toronto has also done well.
What we have not seen yet is any big impact from those consumers and businesse...

On Friday the S&P 500 was about unchanged while Toronto was up 0.5%.
American Express was down 3.9% and AutoCanada was down 3.0%.
Almost all the preferred shares I have been mentioning were up modestly. I have mixed feelings on that since lower p...

On Thursday, the S&P 500 was down 0.7% and Toronto was down 0.3%
Toll Brothers was down 4.1% as apparently all the big U.S. home builders were down on Thursday.
Shopify was down 4.1%  and Amazon was also down.
Just another typical day in the mark...

On Wednesday, the S&P 500 was up 0.2% and Toronto was up 0.4%.
TFI International was up another 4.0%.
Other than that, not too much excitement for the stocks I monitor.
There were some interesting Q2 earnings reports after the close today and tha...

Markets were strong on Tuesday with the S&P 500 and Toronto each up 0.7%
TFI International was up 5.9%. What a fantastic long term winning company. This latest gain was likely due to analysts upgrades although I see FedEx was also up 2.8% so mayb...

On Monday the S&P 500 was up 0.4% while Toronto was down 0.2%
Constellation Software was up 2.0% after announcing a big acquisition. What a winning company it has been.
The Melcor REIT was up 6%. That's on small volume so may not mean anything. B...

On Friday, the S&P 500 and Toronto were each down 0.1%.
Stantec was up 2.7%. Dollarama, WSP Global and Metro Inc were all up just over 2%.
AutoCanada was down 4.1%.
Q2 earnings reports are starting to come in for U.S. companies and will likely in...

On Thursday the S&P 500 was up another 0.85% and Toronto was up 1.0%. Apparently, investors are in an optimistic mood.
Shopify was up an impressive 6.1%.
Update  dated July 16: I had made a comment here July 13 about one of the perpetual prefs be...

Markets were strong on Wednesday after U.S. core inflation came in a little lower than expected fueling hopes that the end is in sight for the increases in interest rates. 
In response, the yield on the U.S. 10 year treasury declined modestly from 3....

On Tuesday the S&P 500 was up 0.7% and Toronto was up 0.3%.
Aecon Group showed some life gaining 4.3%.
Visa was up 1% which is not much. But it's now up 16% this year to date. I figured that would mark an all-time high but upon checking it was sl...

On Monday the S&P 500 was up 0.2% and Toronto was roughly unchanged.
Starbucks was up 3.2%.
Toll Brothers was up 2.7%.
This morning West Fraser Timber announced that it will sell its Hinton Alberta Pulp mill for just US $5 million. This mill had ...

On Friday, the S&P 500 was down 0.3% while Toronto was up 0.1%.
Next week's excitement will be whether or not the Bank of Canada increases its interest rate by another 0.25%.
The market expects an increase and that in part is why the yield on a f...

The report on Ceapro Inc. is updated and rated Speculative Buy at $0.44. 
This company has been a disappointing investment to date. But it does have a strong balance sheet and is trading down very near its book value. It generates cash and profit fro...

Thursday was a negative day for markets as the market (finally) starts to believe that at least one more (and quite likely two) interest rate hike will occur in the U.S. 
The S&P 500 was down 0.8% and Toronto was down 1.5%.
Most stocks wed down o...

West Fraser Timber's shares increased sharply in June. And that's despite the fact that the company has now reported two quarters with bottom line losses due to lower lumber prices. U.S. home building has held up well and even increased and that is l...

 
On Wednesday, markets were down modestly as the S&P 500 was down 0.2% and Toronto was down 0.5% despite higher oil prices.
My next update will be for West Fraser Timber. Its stock has been surprisingly strong despite lower lumber prices. It's a...

On Tuesday, the Toronto stock exchange rose 0.25%.
See the update for Boston Pizza just below. I bought a few shares today.
Between the higher yields available today and the fact that I have moved more into these type of investments I am finding that...

Our report on the Boston Pizza Royalties Income Trust units is updated and rated Buy at $16.63. The Coles Notes version is that you get a 7.7% cash yield and that is yield is likely (but not guaranteed) to increase over the years. The biggest risk is...

On Monday the S&P 500 was up a scant 0.1% while Toronto was closed in lieu of Canada Day.
Tesla was in the news with a 6.9% gain after announcing strong Q2 sales volumes.
Tomorrow, Toronto will be on its own with the U.S. markets closed.
...

Earlier today I emailed out the latest edition of our free newsletter. If you did not receive you could try checking your junk folder and if still not found, click the link above to our free newsletter and add your email address to the list.
You also...

On Wednesday, the S&P 500 was about unchanged while Toronto was up 0.4%.
Couche-Tard was up 4.0% after releasing earnings. This company has a fantastic winning track record. With the government suddenly wanting more grocery store competition (aft...

Markets were positive on Tuesday as the S&P 500 gained 1.15% and Toronto gained 0.7%.
TFI International was up almost 8% but I did not see any news to explain that. (But TFI is a perennial winner so its not a shock).
Toll Brothers was up another ...

On Monday, the S&P 500 was down 0.45% while Toronto was strong with a 0.9% gain.
For some months now, I have mentioned that our higher interest rates are a "massive game changer". For example, see my newsletter of February 25. 
Lately I have been...

On Friday the S&P 500 and Toronto were each down 0.8%. In part, this is as markets continue to adjust to the idea that interest rates will be "higher for longer".
Starbucks was down 2.5%. Linamar was down 2.6%.
Lately I have mentioned that it may...

Thursday saw the S&P 500 up 0.4% while Toronto was down 0.6%.
Canadian Western Bank was down 2.5%. One thing in favour of CWB is that it does not have any of those variable rate residential mortgage loans. The bigger banks seem likely to incur so...

Markets were down on Wednesday as investors start to accept the reality that interest rates will be "higher for longer". Remember "lower for longer"? That's so yesterday.
The S&P 500 was down 0.5% and Toronto was down 0.2%.
There were no particul...

Stocks were down on Tuesday ad the S&P 500 fell 0.5% and Toronto fell 0.9%.
With higher interest rates stocks market declines are to be expected. Markets may not fall but it seems more likely than not.
AutoCanada managed a 2.4% gain. And Toll Bro...

P.P.S I settled on a rating of Speculative Weak Buy / Hold. This has been a very poor (pour?) investment but perhaps it has no where to go but up from here. Management is confident. Then again, that's one reason I usually don't talk to managements - ...

On Monday, Toronto was down 0.2% while U.S. markets were closed for a holiday.
Interest rates continue to go up. The yield on the 5 year government of Canada bond hit a new 15 year high today at 3.78%. This rate bottomed out at around 0.30% and was a...

On Friday, the S&P 500 was down 0.4% and Toronto was down 0.3%.
Shopify (see update just below) was down 2.1%.
U.S. markets are closed tomorrow for the Juneteenth holiday.
...

Shopify is updated with the admittedly wishy-washy rating of Highly Speculative Hold at U.S. $65 and Canadian $85.
This is a great company and one that deserved a ton of admiration. The founder Toby Lutke has turned himself and early investors into m...

On Thursday the S&P 500 was up an impressive 1.2% while Toronto was almost flat with just a 0.1% gain.
The only large gain for companies on list was AutoCanada up 3.2%. Yesterday Desrosiers reported that May auto sales were very weak but blamed i...

The market today was waiting nervously to see if the FED would pause or continue to raise rates with its noon announcement.
It ended up that they DID pause but also apparently signaled they expected two more increases by the end of this year.
The mar...

On Tuesday, the S&P 500 was up another 0.7%. This was apparently because the latest U.S. inflation report out this morning came in slightly lower than forecast which gave hope that the FED will not raise interest rates with its announcement  tomo...

This stock is trading at just 30% of book value despite its apparently strong assets. It has been very disappointing since the Summer of 2014 when it plunged with oil prices and a softer Alberta economy.
This is a relatively small company and their h...

Monday's action saw the S&P 500 up 0.9% and Toronto up 0.15%
Cameco was up 4.0% as nuclear and uranium are in revival mode. 
Shopify was up 6.2%. This will likely be the next company that I update.
I am doing some work on the rate reset preferred...

On Friday the S&P 500 was up 0.1% and Toronto was down 0.25%.
Shopify was the biggest gainer on my list with a 3.4% increase. There were no losers of any particular note.
The latest jobs (labour force) survey was out today and was fairly weak. It...

On Thursday, the S&P 500 was up 0.6% and Toronto was down 0.2%.
There were no particularly notable moves in the stocks I monitor.
Major banks have raised their Prime rates to 6.95%. Mortgage rates have increased again with the Bank of Canada rate...

On Wednesday the S&P 500 was down 0.4%. And Toronto took the news of the Bank of Canada increase in stride adn was also down just 0.4%.
Shopify was down 6.4% giving back a similar sized increase from yesterday whatever that was about.
The yield o...

The Bank of Canada has raided its interest rate another 0.25% to 4.75%.
My fear is that this is going to be very harmful to a large group of individuals and corporations. Meanwhile the economy remains strong.
The very purpose of the rate increases is...

On Tuesday, the S&P 500 was up 0.2% and Toronto was up 0.6%.
Shopify was up 6.0%.
Toll Brothers was up 4.5%.
There was a report from Equifax today that households have fairly sharply increased their credit card debt in the past year and defaults ...

Stocks ended the day on Monday slightly lower with the S&P 500 down 0.2% and Toronto down 0.5%.
AutoCanada was up 3.3%
The Canadian market awaits the Bank of Canada rate decision on Wednesday morning. With the 5 year Canada Bond yield at 3.55% th...

ON Thursday, markets were higher with the S&P 500 up 1.0% and Toronto up 0.5%. Most stocks were higher on the day. Cameco was notable gaining about 8% as prospects for uranium use are improving.
As of this Friday morning at just after 11 am easte...

Markets were weak on Wednesday apparently due to fears that the the US debt ceiling deal might not pass congress so easily.  The S&P 500 was down 0.6% and Toronto was down 0.85%.
Linamar was down 4.5%. 
Constellation software was up 3.5%.
The deb...

On Tuesday, the S&P 500 was unchanged on the day while Toronto was down 1.1% as oil prices fell.
Canadian Western Bank was up 3.3% after an RBC analyst recommended the stock with a price target of $34. The report indicated that CWB is noticeably ...

As of the close on Monday, with U.S. stock markets closed Toronto was up 0.2%.
When it comes to interest rates there was an interesting comment on BNN today. It was pointed out that as the debt ceiling approached the U.S. very significantly curtailed...

With the U.S. markets closed and with the news of the apparent resolution to the U.S. debt ceiling crisis, Toronto is relatively unchanged with a 0.2% gain.
The yield on the government of Canada 5 year bond has not reacted positively to the debt ceil...

The report on Starbucks is updated and rated Buy at $98.53. The company just reported a very strong quarter of earnings growth and the outlook is good but the stock at 31 times earnings is not cheap. Still, it is probably a good buy for long-term gro...

There is a tentative agreement on the U.S. debt ceiling.  It comes at an interesting time given that U.S. equity markets will be closed tomorrow for their Memorial Day holiday while Toronto will be trading.
U.S. futures tonight suggest that the S&...

The reports for the Canadian Western Bank rate reset share CWB.PR.D as well as for Enbridge's ENB.PF.A are updated and rated (higher) Buy and  Strong Buy respectively. See the reports for more detail.
These two have attractive yields of 6.3% and 7.1%...

The report on Linamar is updated and rated Buy at $63.90. Its valuation and its very recent strong earnings recovery would suggest a higher rating. But the market never tends to put a very high P/E or P/B multiple on it due to its cyclical nature. An...

On Wednesday markets continued to be negative due to concerns about the U.S. debt ceiling negotiations.
The S&P 500 was down 0.7% and Toronto was down 1.1%.
Toll Brothers managed a 2.1% gain after its strong earnings report.
In general, it seems ...

Markets declined on Tuesday due to fears that the U.S. debt ceiling would not be raised in time to avoid the Treasury running out of money.
Almost certainly the U.S. will find a way not to run out of money. But meanwhile the markets are rightly nervo...

On Monday the S&P 500 ended the day about unchanged while Toronto was closed for the Victoria Day holiday.
Shopify was up 3.1%
Toll Brothers was down 2.5%.
With the Canadian markets closed BNN was showing footage from J.P. Morgan's investor day a...

On Friday the S&P 500 was down 0.1% and Toronto was up 0.3%.
Constellation Software was up 3.2%.
This week the U.S. market's attention will certainly be on the debt ceiling negotiations. That could certainly cause some volatility to say the least...

Canadian Tire is updated and rated By at $169. It reported a very weak Q1 and its earnings have been weaker for the past year. But that came in comparison to an extremely strong year in 2021. The stock is cheap in relation to earnings at 10 times. Bu...

On Thursday the S&P 500 was up 0.9% while Toronto was unchanged.
Toll Brothers was up 2.5%.
My next update will eb for Canadian Tire. They had quite a weak Q1 but they are a strong company and have a history of adjusting to changing conditions. H...

Markets rebounded on Wednesday with the S&P 500 up 1.2% - although Toronto was up only 0.3%.
AutoCanada was up 11%. That may have been due to some analyst upgrade. Or it may be related to Statistics Canada reporting this morning that vehicle sale...

Stocks were mostly lower on Tuesday as the S&P 500 was down 0.6% and Toronto was down 1.45%.
Enbridge was down 3.8% apparently on fears that one of its major pipelines could be shut down by natives who are concerned about oil spills on their land...

Monday's market saw the S&P 500 gain 0.3% and Toronto gain 0.6%.
Constellation Software was up 3.8%. I so regret the times I held shares in this company and sold for modest gains despite knowing that its management was absolutely the best. 
I  am...

On Friday the S&P 500 was down 0.2% while Toronto was essentially unchanged.
Aecon Group was up a modest 2.65% after announcing it has secured a billion dollars of new work at the Bruce nuclear generating station. I suspect that the market, like ...

Thursday's action saw the S&P 500 down 0.2% and Toronto down 0.4%.
Canadian Tire was down 2.5% which was a modest drop given its weak Q1. It seems the market has confidemce that the rest of the year will look better than Q1.
Linamar was up 3.8%. ...

On Wednesday the S&P 500 was up 0.45% and Toronto was down 0.4%.
The Boston Pizza Royalties Income Fund was up 2.7% after releasing Q1 results. It yields 7.9% and appears set to continue to do well.
After the close, Melcor Developments reported Q...

On Tuesday, the S&P 500 was down 0.5% while Toronto was unchanged.
Cameco was up 3.8%. Possibly this will be a good year for the nuclear fuel miner. 
AutoCanada was down 2.1% to $16.26. The company itself seems confident of growth but the market ...

TFI International is updated and rated Buy at $141.57. This has been a truly fantastic company over the years and has been extremely well managed. It is currently facing an industry downturn and the price has pulled back somewhat. This is likely an o...

On Monday the S&P 500 was about unchanged and Toronto was up 0.2%.
Shopify gained another 3.7%.
This week a number of Canadian companies on our list report Q1 earnings. This includeds Melcor Developments, Canadian Tire and Stantec.
U.S. stocks ar...

Just when markets seemed particularly gloomy they offered up a strong day on Friday as the S&P 500 rose 1.85% and Toronto rose 1.5%.
Shopify was up another 6.9%. Apple was up 4.7%., Visa was up 2.7%.  Starbucks was up 2.4%. American Express was u...

Markets were down modestly on Thursday with the S&P 500 down 0.7% and Toronto down 0.6%.
Shopify surged up 23% after announcing it would sell its logistics operation and reduce staff. 
AutoCanada got pushed down 17% to $16.09 after releasing earn...

Wednesday was an eventful day in the markets.
The FED raised interest rates by another 0.25% to "approximately 5.1%". It's a target of 5 to 5.25%.
While this is not high by historic standards it is really an epic increase from the level of 0 to 0.25%...

Markets were weak on Tuesday with the S&P 500 down 1.2% and Toronto down 1.0%.
Restaurant Brands International was strong with a 2.8% gain.
AutoCanada was notably weal with a 6.6% decline. They will report earnings tomorrow after the close of tra...

Markets were little changed on Monday with the S&P 500 about unchanged and Toronto up 0.1%.
First Republic Bank which was somewhere around the 15th largest bank in the U.S. was seized by the Federal Deposit Insurance Corporation on the weekend an...

Most of you will have received emails from me this year as I sent out editions of the free newsletter.  If you did not receive that then add your email to the free newsletter list using this link or the link at the top of every page on this web site....

This post repeats what I said in the free newsletter mailout that I  sent out on April 28. I am repeating it here because I need to be able to link to it. And I have one correction below.
Last edition [of the free newsletter] I explained how Silicon ...

Markets staged a strong rebound on Thursday with the S&P 500 up a hefty 2.0% and Toronto up 0.8%.
Almost all the stocks on our list gained on the day.
 
...

Wednesday was another negative day in the markets with the S&P 500 and Toronto both down 0.4%.
TFI International was down 11.3% to $139.20  after reporting its latest earnings. It has been a fantastic company for years but could not escape a gene...

Markets were down noticeably on Tuesday with the S&P 500 down 1.6% and Toronto was down 1.15%.
The great majority of stocks were down on the day.
Markets were spooked partly by another regional bank First Republic looking like it could potentiall...

On Monday, the major stock market indexes were little changed with the S&P 500 up 0.1% and Toronto down 0.1%.
After the close CN Rail reported good earnings a good outlook for earnings despite expecting the economy to slow somewhat.
...

On Friday the S&P 500 was up 0.1% and Toronto was up 0.3%.
The great majority of the stocks that I keep a close eye on wee up on the day. This included the rate reset preferred shares.
I have updated my reference article that breaks out Canada's ...

On Thursday the S&P 500 was down 0.6% and Toronto was down 0.2%.
Stantec was up 2.1%. 
Costco was up 1.9% after announcing the 13% increase to its dividend. The dividend is definitely not what drives the value here but the increase is a sign of c...

Both the S&P 500 and the Toronto exchange closed about unchanged on Wednesday.
After the close, Costco increased its dividend by 13%. This is a better kind of inflation. Costco however is not much of a dividend stock as the yield remains under 1%...

Markets were not much changed on Tuesday with the S&P 500 up 0.1% and Toronto up 0.2%.
AutoCanada was up 2.0% after announcing an acquisition of a very large GM dealership in Windsor Ontario. They will use their line of credit to pay for it. My t...

Stocks mostly moved somewhat higher on Monday as the S&P 500 and the Toronto stock excahnge were each up 0.3%.
Shopify was strong with a 4.8% gain.
Bank of America was up 2.9%.
Tomorrow, the March inflation number for Canada will be reported and ...

Markets were mixed on Friday as the S&P 500 was down 0.1% while Toronto was up 0.1%.
Linamar was up 2.3%. 
The two Brookfield Office Properties rate reset preferred shares on our list were up modestly once again, but also once again on thin volum...

Markets were solidly higher on Thursday with the S&P 500 up 1.3% and Toronto up 0.5%.
Amazon was up 4.7% but remains well below its 52 week high.
Apple was up 3.4%.
Visa was up 2.1%. 
BPO.PR.G was up 4.6% to $16.53. BPO.PR.A was up 2.5% to $12.16...

U.S. markets had been higher most of the day on Wednesday but ended the day moderately lower.
The S&P 500 was down 0.4%. But Toronto managed a 0.2% gain.
The Bank of Canada left interest rates unchanged. But in general, hopes that interest rates ...

The Toronto stock exchange index was up 0.7% on Tuesday as oil prices rose. The S&P 500 was  unchanged.
The two Brookfield Office Properties rate reset preferred shares on our list staged a modest partial recovery today with gains of 5.2 and 6.1%...

On Monday the S&P 500 was up 0.1% and Toronto was up 0.4%.
The Boston Pizza Income Trust units were up 3.7%. It had announced a small increase to its distribution last week.
Perennial winner TFI International was up 2.9%.
The Brookfield Office Pr...

The report on Alimentation couch-Tard is updated and rated Buy at $67.95. 
Based on its past earnings and excellent management this company looks very attractive. It's latest announced pending big acquisition in Europe will almost certainly boost its...

On Thursday markets were quiet as we head into the Easter long weekend. 
The S&P 500 was up 0.4% and Toronto was up 0.2%.
Costco was down a modest 2.2%  to $486 after reporting weak same-store sales growth. Their same-store sales have grown fairl...

Markets were down moderately on Wednesday as the S&P 500 fell 0.25% and Toronto fell 0.6%.
Shopify was down 5.0%.
The two Brookfield Office Properties Rate Reset Preferred shares on our list got hammered again today.
BPO.PR.G was down 5.2% and BP...

Markets were generally down on Tuesday with the S&P 500 down 0.6% although Toronto was about unchanged.
The great majority of the stocks that I monitor were down.
The Brookfield Office Property rate reset preferred shares were down once again. Pr...

The report on Royal Bank of Canada is updated and rated (higher) Buy at $130.08 or US $96.33.
The bottom line is that it looks attractively valued but banks are always highly leveraged and dependent on sophisticated risk management systems and models...

On Monday the S&P 50 was up 0.4% while Toronto, benefiting from the OPEC announced production cut, was up 0.9%.
The Energy ETF, XEG was up 5.3%.
AutoCanada was up 3.4%.
Almost forgot, Trump gets arrested tomorrow. Hopefully pretty much a non-even...

Friday's session saw the S&P 500 up a strong 1.4% and Toronto up 0.8%.
Almost all the stocks on my list were up.
But the market continued not to like the Brookfield Office Properties rate reset preferred shares.
Today, OPEC surprised the market w...

On Thursday, the S&P 500 was up 0.6% and Toronto was up 0.5%.
Constellation Software was up 2.4%.
After the close came the news that Donald Trump is being indicted and charged with some 30 financial fraud charges. I don't know if the market will ...

Markets were strong on Wednesday as the S&P 500 rose 1.4% and Toronto rose 0.9%.
lululemon was up 12.1% after releasing earnings and outlook. 
Shopify was up 5.1%.
The Brookfield Properties Ltd. rate reset preferred share that is on out list (BPO...

On Tuesday markets ended "little changed" with the S&P 500 down 0.2% and Toronto up 0.2%.
There were no particularly notable moves in the individual stocks that I track.
But lululemon was up 12% in after-hours trading after releasing earnings.
Wo...

Markets rose modestly on Tuesday as the banking crisis seems to be getting better.
The S&P 500 was up 0.2% and Toronto was up 0.6%.
Tomorrow's excitement in Canada will be the federal budget coming out after the market closes. 
...

The report on Melcor Developments is updated and rated (higher) Buy at $11.36.
Admittedly, this has been a poor investment since it peaked at over $26 back in 2014. It then fell as much lower oil prices caused a recession in Alberta and then after a ...

On Friday, the S&P 500 was up 0.6% and Toronto was up 0.2%.
Aecon Group which had been strong lately was down 4.1%. It has had two recent major asset sales and it did not reveal the gain on either one. There will be clarification on this when it ...

Apparently, nothing major happened in the financial markets today. And that's a good thing.
The S&P 500 was up 0.3% and Toronto was down 0.4%.
The 5 year government of Canada bond yield is at 2.8%. Down substantially from 3.6 to 3.7% in early Mar...

On Tuesday, markets rose for the second day in a row. The S&P 500 was up 1.3% and Toronto was up 0.7%.
There were some indications that the bank contagion may not get any worse.
Canadian inflation came out lower than expected at 5.2% year over ye...

Markets were up modestly on Monday as the S&P 500 was up 0.9% and Toronto was up 0.7%.
It's not clear that the bank issues have been resolved yet and so markets are likely to continue to be volatile.
 
...

The report on WSP Global is updated and rated Weak Sell / Hold at $173. It's a strong company and could continue to go up. But it seems expensive at 30 times trailing adjusted earnings.
...

Friday continued a pattern of one day up and next day down for the markets. Friday's turn was down.
The S&P 500 was down 1.1% and Toronto was down 0.8%.
AutoCanada was down 3.9% to $18.69. There are certainly some headwinds as mentioned in my rec...

Markets bounced higher on Thursday with the S&P 500 up 1.8% and Toronto up 0.8%.
After the close, Melcor Developments reported Q4 and 2022 earnings. Although lower than 2021 The earnings were likley better than expected (to the extent that anyone...

Stantec is updated and rated (lower) Buy at $79. It's strong Q4 capped off a strong 2022. The company has been firing on all cylinders and expects continues growth in 2023 and beyond. The only concern is that at 25 times earnings it is not cheap. It'...

On Wednesday the markets continued a yoyo reaction to the developing bank issues.
With Swiss bank Credit Suisse apparently in trouble, market reacted negatively.
The S&P 500 was down 0.7% and With lower oil prices. Toronto was down 1.7%.
Couche-T...

So a bit more bank contagion this morning. The thing with contagion of any kind is that it will always be initially denied. To do otherwise is akin to yelling fire inside a very crowded building - people could get trampled.
I don't know if there is m...

Markets are staging a nice recovery today with the S&P 500 up 1.9% and Toronto up 1.2%.
I have some thoughts on the banks:
The banks are paying 4.75% (RBC) to 4.92% (Canadian Western bank) on one year GICs.
Obviously they have to charge interest ...

Markets on Monday survived the first day after the Silicon Valley Bank failure and the related Signature Bank failure. But there were some impacts.
The S&P 500 ended the day down 0.15% while Toronto with its heavier bank exposure was down 0.9%.
C...

No one said that investing was dull and this weekend certainly provided some excitement and stres for investors.
The Silicon Valley Bank depositors have been fully protected. That was what I expected since the main purpose of bank regulation is to pr...

The Melcor REIT report is updated and rated (lower) Buy at $5.60 and yielding 8.6%.
I use Adjusted Funds from Operation per unit as the adjusted earnings figure. This was down 14% in 2022 due to higher expenses. Utilities costs were up.  The REIT is ...

On Friday the S&P 500 and the Toronto stock exchange were each down 1.5%.
Markets reacted negatively to the strong jobs report in the U.S because it adds fuel to predictions that the FED will raise interest rates even more than previously thought...

Markets were pretty much a sea of red on Thursday with the S&P 500 down 1.85% and Toronto down 1.3%.
Linamar got spanked down 13.7% after releasing earnings and a weak outlook.
Aecon Group (up 0.7%) and Constellation Software (up 1.1%) and Dollar...

The report on Canadian Western Bank is updated and rated Strong Buy at $25.65.
Its Q1 report appeared strong but was actually weak after adjusting for an unusual earnings boost caused by the recover of a prior bad debt. Earnings have suffered due to ...

Wednesday's action saw the S&P 500 up 0.1% and Toronto up 0.35%.
Constellation Software was up 3.2%. I'm not aware of any specific reason but it has just been such a well managed and highly profitable company since about forever!
AutoCanada was u...

Markets crumbled somewhat on Tuesday ad the Fed chair signaled that the U.S. Fed funds rate would ultimately be going higher than previously thought.
The S&P 500 was down 1.5% and Toronto 1.2%.
Aecon was strong once again with a 4.4% gain. 
I hav...

The report on AutoCanada is updated and rated (higher) Buy at $20.62. Its profits were down in Q4 despite higher revenues. Margins on new and used vehicles had been unusually high during much of 2021 and 2022 due to shortages of vehicles. But that ha...

On Monday markets started out stronger but closed with the S&P 500 up 0.1% and Toronto down 0.3%.
Aecon Group was up another 2.9%. 
lululemon was down 3.9%
AutoCanada was down another 7.8%. Clearly, the market did not like its Q4 results. I am no...

Aecon Group is a huge construction / infrastructure company. They do enormous projects including the new Gordie Howe bridge (Windsor / Detroit), large LRT projects, pipeline construction and much more. 
Aecon's profits have recently been abysmally lo...

The recent problems loading this site are caused by the web site hosting company. Yesterday only the home page would load and it was giving an error code [CFN #0005] that I have never seen before. This morning the site is loading quickly and properly...

On Thursday, the S&P 500 was up a healthy 0.8% and Toronto was up 0.4%
Canadian Western Bank was down 5.5% as I commented earlier today.
After the close, Costco reported earnings and same-store revenue growth was weaker than analysts hoped. Foer ...

Canadian Western Bank shares are down close to 5% after reporting Q1 fiscal 2023 earnings. Earnings were good but revenue was down. Credit losses were not a problem.
It's no surprise that net interest revenue would be down. We all know we are getting...

On Wednesday the S&P 500 was down 0.5% while Toronto was up 0.2%.
Aecon was up 8.4% after announcing better earnings and announcing it is selling a business in Ontario. I still think their profits are far too low but I need to go through the late...

Markets drifted lower on Tuesday with the S&P 500 down 0.3% and Toronto down 0.2%.
Aecon Group (the big construction company) was down 2.6%. Then it reported better-tan-expected earnings after the close. This has been a disappointing business. Th...

On Monday, the S&P 500 started off strong but ended the day up just 0.3% and Toronto was up a similar 0.2%.
There were no notable moves for any of the individual stocks on my watch list.
Warren Buffett's latest annual letter came out on Saturday....

On Thursday, the S&P 500 ended the day up 0.5% while Toronto was about unchanged.
Stantec was up 9.3% after releasing Q4 earnings and a strong outlook for 2023. As a side point, it would be a great thing is Turkey started using reputable engineer...

Markets down but only quite modestly today. The S&P 500 was down 0.2% and Toronto was down 0.3%. 
Toll Brothers was strong after its very strong reported earnings release and conference call with a 3.0% gain. And this was despite its contracted h...

Markets were quite weak on Tuesday as the S&P 500 fell 2.0% and Toronto fell 1.3%. For the reasons I explained earlier today - the market is taking notice of higher long-term interest rates.
Given this decline, almost everything on our list was d...

The report for this Enbridge Rate Reset preferred share is updated and rated (higher) Buy at $16.56.
I know, I know, this one and almost all rate reset preferred shares have been heart breakers. They do pay their dividends as promised but many like t...

I'm not surprised that markets are down today (S&P 500 down 1.6% and Toronto 1.0%).
I believe I have mentioned that stocks markets have been slow to react the the very recent increases in longer term interest rates which has occurred becasue the ...

Stocks edged lower on Friday on continued concerns about just how high interest rates will go as the FED and other central banks raise rates to cool the economy in order to fight inflation.
The S&P 500 was down 0.3% and Toronto was down 0.4%.
Tol...

Our report on Dollarama is updated and rated Weak Buy / Hold at $79.55. Dollarama has been a fantastic investment and is a fantastic business. At 31 times earnings it is not cheap. Still I was tempted to rate is a bit higher because of its track reco...

On Thursday markets fell as stock markets started to get the message that the interest rate hikes may go somewhat higher than recently hoped. I mentioned yesterday that I expected markets to turn attention to that.
The S&P 500 was down 1.4% and T...

It's RRSP season until March 1.
RRSP's sometimes get a lot of bad press. But they are still a great choice in some cases and Spousal RRSPs can be a fantastic choice in some cases. 
But back to the bad press...
Those now withdrawing RRSP funds in reti...

Stocks managed a small gain on Wednesday with the S&P 500 up 0.3% and Toronto was up 0.1%.
Shopify was notable with a 6.9% gain. But it then came out with earnings after the close disclosing a large loss but with revenues up 27%. The stock was do...

Markets were a bit confused as to how to react to the U.S. inflation report that came out this morning.
At the end of the day the report was not too different than expected and markets ended the day virtually unchanged.
Toll Brothers was featured on ...

On Monday stock markets were strong. The S&P 500 was up 1.4% and Toronto was up 0.4%. It was another good day to be an owner of stocks.
I sold some Toll Brothers today.  As mentioned yesterday, its earnings are basically certain to be lower in 20...

Toll Brothers is updated and rated Weak Sell / Hold at $58.47.
This is a very tough company to rate at the moment. Trailing earnings are at record levels with a 21% ROE and the the stock is trading at just 1.1 times book value and 5.8 times trailing ...

On Friday, the S&P 500 was up 0.2% and Toronto was up 0.1%.
Fortis Inc. was up 3.3% after reporting year-end earnings.
AutoCanada was down 5.1% giving back some of its recent gains. This may have been linked to a weak report from Magna.
 
...

On Thursday, the S&P 500 was down 0.9% and Toronto was down 0.4%.
Earlier hopes that the end of the hikes in U.S. interest rates was very near have begun to fade. Long-term interest rates have edged up after having declined in recent months.
Came...

Markets declined on Wednesday with the S&P 500 down 1.1% and Toronto down 0.2%.
Toll Brothers was down 2.6%.
Toll brothers will be my next update. The company remains optimistic about the future although fully recognising the current slower marke...

Markets were initially lower on Tuesday but ended the day higher on talk that inflation might be heading down.
The S&P 500 was up 1.3% and Toronto was up 0.5%.
TFI International was up 6.8% after releasing Q4 earnings. 
After the close, West Fras...

Markets declined modestly on Monday as long-term interest yields were on the rise. 
The S&P 500 and Toronto were each down 0.6%. 
Most stocks were down on the day.
But what a start it has been to this new year. After losing ground in 2022 our Buy...

The report on Visa Inc. is updated and rated (lower) Buy at $230. This is a fantastic company and despite the high P/E ratio of 29 it may still be a good investment at this price. I'm holding a reasonable allocation to VISA and have no plans to sell....

On Friday, the S&P 500 was down 1.0% because the huge January job gains at 517,000 net new jobs stoked fears that the end of the interest rate hikes is no so nigh after all.
Toronto managed a gain of 0.1%.
Starbucks was down 4.4% as its China sal...

On Thursday, the S&P 500 was up 1.5% while Toronto was about unchanged.
Meta (Facebook)rocketed up 23% after its earnings announcement and outlook. 
I rarely comment on companies I have not recently analysed but I did mention on January 11 Meta (...

The Toronto stock index was down 0.1% on Wednesday.
But the U.S. market rose after the FED raised interest rates by 0.25% (not as high as some feared)m and apparently indicted that the end of the rate hikes was possibly in sight but that two more inc...

Tuesday was a strong day in the markets. The S&P 500 was up 1.5% and Toronto was up 0.95%.
AutoCanada was notable with a 7.5% gain today.
FedEx and toll Brothers were each up 5.3%.
Overall, the gains is January were very strong with the S&P 5...

On Monday, the S&P 500 was down 1.3% and Toronto was down 0.7%.
It seems that most "tech" stocks were down. Shopify was down 5.2%.
Cameco was up 1.2% and has been strong lately for reasons that I am not familiar with. (Probably higher uranium pri...

On Friday, the S&P 500 was up 0.25% and Toronto was up 0.1%.
American Express ended the day up 10.5% after predicting better growth in 2023.
VISA was up 3.0%. I was reading the first part of their annual report today. This is an extremely powerfu...

The report on Enbridge is updated and rated Buy at $54.53. 
I spent a lot of time reading its annual report. It has an almost dizzying list of oil and gas pipelines and some windmill assts. This a massive company. It does not appear to have made many...

Thursday's session saw the S&P 500 up another 1.1% and Toronto up 0.5%.
West Fraser Timber for whatever reason was up 8.0%. It may be that the various timber companies have sort of shared the plant shutdowns around (quietly and without officially...

With market up so strongly this month and again today, my thoughts turn to trimming some positions to build cash and to ultimately move more money into more predictable stocks. We've seen a number of strong rallies since the early Summer of last year...

First, a comment about spam and dangerous emails.
I think we are all aware that the spammer are getting more sophisticated.
If you ever see an email purportedly from investorsfriend with an attachment or a PDF it is almost certainly fake. If in doubt...

The Bank of Canada raised its interest rate this morning by 0.25% to 4.5% and apparently signaled that it's likely done raising rates. Directionally, that is good news for stock prices and longer term rates are coming down in reaction to the news.
Bu...

Markets were Quiet on Tuesday with the S&P 500 up 0.1% and Toronto essentially unchanged.
We are now in the thick of Q4 earnings reports for U.S. companies and a few early-bird Canadian companies have also reported.
After the close CN Rail report...

Monday, was another strong day in the markets with the S&P 500 up 1.2% and Toronto up 0.6%.
Shopify was up an impressive 8.9%.
Costco was up 2.6% which is a reasonably big move for that company.
Canadian Western Bank was up 1.9%.
It's nice to enj...

Friday was a strong day in the markets  with the S&P 500 up a hefty 1.9% and Toronto up 0.8%. Shopify was up 5.6%.
Visa Inc. was up 1.8% to $224.31. It's up 8% since January 1 and about 12% since I updated it as a Buy on December 22 at $201. That...

Thursday's action saw the S&P 500 down 0.8% but Toronto was down only 0.2%.
lululemon was down 3.2%.
No surprise that markets are having a couple of down days. But look at long-term interest rates, they are still falling. (Good news for my VBAL i...

Note that you can also follow InvestorsFriend Inc. on Facebook (see link at the top of every page here). I'm more active on the InvestorsFriend Facebook page lately. Just go there and hit follow if you don't already follow it.
Markets are down modest...

It seems I neglected to make my usual comment yesterday. Well, The S&P 500 was pretty flat yesterday and Toronto was down modestly.
But today, Wednesday the markets had a down day after being up almost everyday in January. The S&P 500 was dow...

U.S. markets were closed on Monday for the martin Luther King Jr. holiday. Toronto was up just 0.15% on the day.
Apparently, the next thing to worry about is the U.S. debt ceiling crisis. They go down to the wire with this thing every few years and o...

I've been mentioning VBAL as a Buy including in the newsletter dated December 5. I therefore put it in the table of stocks as a Buy. It's a good default position to provide diversification. It got hammered last year because it includes an allocation ...

The report on Couche-Tard is updated and rated Buy at $63.36. What an incredible company this has been for decades! I weep about the times I sold it at a good profit only to miss out on larger gains. Such is life. More and more I am learning that the...

Markets edged up again on Friday. The S&P 500 was up 0.4% and Toronto was up 0.7%.
Shopify was up 6.1%.
Next week the market starts to turn its attention to the first of the Q4 2022 earnings releases including the big banks. Some such as J.P. Mor...

Markets pushed a little higher once again today with the S&P 500 up 0.3% and Toronto up 0.9%.
The optimism may continue until and unless there is a sign that inflation is not being slayed and / or that the Fed will continue to raise interest rate...

Wednesday was another positive day in the markets apparently based on hopes for or signs of (modestly) lower inflation. 
This positivity could increase or reverse course tomorrow as the U.S. December inflation report is due out tomorrow. (Let's all c...

Markets crawled a little higher on Tuesday with the S&P 500 up 0.7% and Toronto up 0.2%.
lululemon recovered somewhat with a 3.2% gain.
After the close West Fraser Timber announced it would curtail a lumber mill int he U.S. Probably will be a ver...

Markets ended Monday relatively flat with the S&P 500 down 0.1% and Toronto up 0.2%.
Rate reset preferred shares were mostly higher once again.
lululemon was down 9.3% after reporting lower margins. I don't think anyone who sees hpw busy their st...

Markets were very strong on Friday with the the S&P 500 up a hefty 2.3% and Toronto up 1.7%.
A softer U.S. jobs report and some signs of easing inflation apparently led to hopes that the interest rate hikes are nearly done. 
Costco was up 7.3% ba...

Thursday's action saw the S&P 500 down 1.2% and Toronto down 0.4%
Canadian Western Bank was up 2.8% and has a good recovery from recent lows.
Most of the rate reset shares that I track were up modestly.
After the close, Costco came out with their...

On Wednesday, the S&P 500 and Toronto were each up 0.75%.
Starbucks was up 3.8%.
Rate reset preferred shares were up 2 to 4 percentage points in most cases.
...

On this first trading day of 2023 the S&P 500 was down 0.4% while Toronto was up 0.3%.
Canadian Tire was strong with a 3.6% gain.
Apple was down 3.7%. 
Not too much happening in the markets today, and that can be a good thing.
...

Apple Inc. is returned to the list as of January 1, 2023 rated Buy.
I had added Apple to the list here back on January 24, 2019 After that the price soared over the following three years peaking at the end of 2021. The stock also split four for one. ...

On Friday the S&P 500 was down 0.25% and Toronto was down 0.5%.
For the year, the S&P 500 was down 19.4% and Toronto was down 8.7%.
I believe the stocks that are currently rated in the Buy or Strong Buy range in our table will do well in 2023...

Our report on the Canadian Western Bank preferred shares CWB.PR.B is updated and rated Strong Buy at $17.00.
These rate reset preferred shares have generally been heart-breakers for investors.  But when bought at large discounts to their $25 issue pr...

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