Real Inflation Rate

The Consumer Price Index (CPI) in Canada is the index used to show the general inflation rate. This is occasionally publicized to show how the cost of living is increasing. This index is also used as the guide for increases in inflation adjusted payments such as the Canada Pension Plan. There is thus an incentive for the government to minimize the true inflation rate to reduce pension payout increases.

Since 1986, The Economist magazine has used a method they developed to compare the relative cost of living in countries around the world based on the cost of a McDonald's Big Mac hamburger. The thinking behind this is that the cost of a Big Mac incorporates all the costs involved in producing a product: raw materials, labour, real estate, regulations and taxes. The cost of living in a given country could then be arrived at by looking at the cost of a Big Mac.

I thought of using this method to arrive at the true inflation rate in a country (specifically Canada) compared to the government stated CPI. This will not be as accurate as the comparison among the world's countries which takes place in the same year. My method looks at the price changes over many years and doesn't consider changes in the production of the Big Mac, such as a change (i.e., reduction) in size, and increases in productivity. But this difference would, if anything, understate the rise in the price of the Big Mac.

The chart below compares the cost of a Big Mac in Canada compared to the government provided CPI data for the years 2000 to 2024. The numbers converge at the 2000 starting year by factoring the CPI to match the cost of the Big Mac in that year.

I used the website Social Science Statisctics to generate the slope to even out the data and provide a more accurate estimation of the true rise by removing the effects of those points outside the general slope of the data set.

Based on the government supplied information, the CPI rose 56.1% from 2000 to 2024. Based on the cost of the Big Mac, the price increase for the same period was 166.7%, almost triple the stated CPI!

See the raw data here.

Billionaire Picks

I have compiled the equity holdings of some of the most noted holding companies based are their latest fillings with the SEC. They hold many equities but I selected just the top ten. 

For Q2 2026, Bill Ackman’s Pershing Square Capital Management fund has these as his top 10 holdings.

Uber for its coming autonomous vehicles (NYSE: UBER)  – 12.72%

Brookfield Inc. (TSE: BN) – For future infrastructure buildup Brookfield will partake in many private firms. 12.58% of portfolio.

Microsoft (NASDAQ: MSFT) – 11.89%.

Amazon (NASDAQ: AMZN) – For its AWS which powers cloud computing world wide. 10.49%.

Howard Hughes Holdings (NYSE: HHH) – 10.23%

Restaurant Brands International Inc (NYSE: QSR) – consistent fees from franchisees. 9.62%

Meta Platforms (NYSE: META) – 9.25%

Visa (NYSE: V) – 5.76%

Mastercard (NYSE: MA) – 5.61%

S&P Global (NASDAQ: SPGI) – 5.43%

Note that Ackman sold most of his Alphabet (NASDAQ: GOOG) holding - reducing it from 6.1m to 312K shares! The reason is thought to be for the new large purchase of Amazon.

History and ongoing information at HedgeFollow.

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Warren Buffett added Alphabet (NASDAQ: GOOG) to Bershire Hathaway's holdings just prior to stepping down as chairman.

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Seth Klarman of The Baupost Group is a cautious value investor. This information is from the Q2, 2026 filing.

Amazon (NASDAQ: AMZN) – increased his holding by 19% in the latest quarter, so it is now the largest holding – 16.48% of portfolio.

Elevance Health (NYSE: ELV) – 9.11%

Restaurant Brands International Inc (NYSE: QSR) – 9.04%

Alphabet (NASDAQ: GOOG) – 8.95%.

Ferguson Enterprises (NYSE: FERG) – 6.36%.

Genuine Parts (NYSE: GPC) – 6.13%

Union Pacific (NYSE: UNP) – 5.95%

Visa (NYSE: V) – new purchase - sold three other fintech companies to buy this. 4.4%

WESCO International (NYSE: WCC) – 4.23%

Aon plc (NASDAQ: AON) – new purchase. An insurance advisory company. 4.21%

History and ongoing information at HedgeFollow.

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Stanley Druckenmiller's Duquesne Capital holdings from their Q2, 2026 filing:

Natera Inc (NASDAQ: NTRA) – largest holding at 19.86%. A drug company current specializing in cancer screening tests.

Taiwan Semiconductor (NYSE: TSM) – 6.47%

ST Microelectronics (NYSE: STM) – 5.34%

Insmed Inc (NASDAQ: INSM) – 3.49%

YPF Sociedad Anónima (NYSE: YPF) – 3.28%

Amazon (NASDAQ: AMZN) – 2.96%

BBB Foods (NYSE: TBBB) – 2.78%

Alphabet (NASDAQ: GOOG) – 2.76%

iShares Brazil ETF (NYSE: EWZ) – 2.72%

Seagate (NYSE: STX) – 2.70%

History and ongoing information at HedgeFollow.

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David Tepper's Appaloosa Management. This information is from the Q2, 2026 filing.

Amazon (NASDAQ: AMZN) – 15.43%.

Micron (NASDAQ: MU) – 14.57%.

Taiwan Semiconductor (NYSE: TSMC) – 10.20%.

Alphabet (NASDAQ: GOOG) – 8.46%.

Uber (NYSE: UBER) – 7.19%.

iShares South Korea ETF (NYSE: EWY) – 6.34%.

Meta Platforms (NYSE: META) – 4.92%.

Vistra (NYSE: VST) – 4.55%.

nVidia (NASDAQ: NVDA) – 3.95%.

Nrg Energy (NYSE: NRG) – 3.40%.

History and ongoing information at HedgeFollow.

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Blackrock's holdings in Q2, 2026

NVIDIA (NASDAQ: NVDA) – 5.79%

Apple (NASDAQ: AAPL) – 5.01%

Alphabet Class A (NASDAQ: GOOGL) – 2.45%
Alphabet Class C (NASDAQ: GOOG) – 1.95%
Alphabet – 4.40% [Combined the 2 classes of shares above]

Microsoft (NASDAQ: MSFT) – 3.38%

Amazon (NASDAQ: AMZN) – 2.66%

Broadcom (NASDAQ: AVGO) – 2.24%

Micron Technology (NYSE: MU) – 1.80%

Meta Platforms (NASDAQ: META) – 1.46%

Tesla (NASDAQ: TSLA) – 1.34%

History and ongoing information at HedgeFollow.

International Brokerages

Researching on the way to have investments held in foreign country that is not subject to taxation on dividends or capital gains. Two possible countries to open an account are Switzerland and Singapore.

In Switzerland, BVC Bank in Lausanne has a trading arm.

Singapore seems to a popular choice and this WISE article details the criteria on selecting an international brokerage there. For Singapore they list DBS Vickers, Interactive Brokers (IBKR), Syfe Trade, Tiger Brokers, Moomoo, and Saxo Markets. For Singapore (and Hong Kong) Interactive Brokers (IBKR) is often the first one recommended on other websites. It is reliable and has been around about 50 years! But there are complaints about the complexity of the trading platform and with customer service, and they seem to be geared more toward active traders. Also, the parent company is from the U.S. so an IRS form W-8 is required to open an account. 

Here is a MoneySmart article on Singapore brokerages.

On a Google search I found KGI Securities (Singapore) Ltd. which is a subsidiary of KGI Financial Holding Co. Ltd., a Taiwanese company. They trade on the Taiwan, Singapore, Thailand, NYSE and NASDAQ exchanges. They also note that an account can be opened without a visit to Singapore.

Saxo Markets is only open to residents of Singapore, Malaysia, Thailand, Hong Kong and Australia.

DBS Vickers commissions are typically 0.12-0.15%.

DBS Vickers trades on the following exchanges:
Singapore: Singapore Exchange (Main Board, Catalist, Global Quote)
United States: NYSE, NASDAQ, AMEX & OTC
Canada: TSX & TSX Venture Exchange
United Kingdom: LSE
Hong Kong: Hong Kong Main Board & Growth Enterprise Market (GEM)
Australia: ASX
Japan: Tokyo Stock Exchange

To open an account at DBS Vickers (and probably other brokerages) are the following:

• Canadian passport.
• Proof of residential address.
• Proof of tax residency (or tax identification number, if applicable).
• Information about the source of your funds and expected trading activity, as part of standard AML/KYC checks.

You will also probably need to have a bank account in Singapore. 

 

Warren Buffett Investing Criteria

This chart shows some of the criteria that Warren Buffett uses in selecting investments. SG&A stands for Selling, General, and Administrative expenses. It is a major line item on a company's income statement that covers all the day-to-day, indirect overhead costs required to run a business, excluding direct production costs like the Cost of Goods Sold (COGS).

Eric Nuttall

Investment manager for Nine Point Partners, Eric Nuttall has in-depth knowledge of the oil and gas business particularly in North America.

On his September 8, 2026 appearance on BNN Bloomberg, he provided his views on many of the top oil and gas companies. He sees that anticipated demand for natural gas (for data centers, etc.) has spurred increased production without an increase demand which has depressed prices. He doesn't see a natural gas price appreciation until late 2027 or 2028.

He favours Canadian oil companies as the best in the world to hold. Our companies still roughly trdae at par with U.S. counterparts whereas we should trade at a premium.

▲ Freehold Royalties (FRU; $17.53) – Dividend is safe down to the mid $50 oil price. Has good holdings. But Eric prefers Cardinal Energy as a good high yield stock that also has growth potential.

▼ Tamarack Valley (TVE; $13.73) – A well run company that they have made a lot of money on, but is fully valued. He would add to his position on a meaningful pull-back from this price.

▲ Athabasca Oil (ATH; $10.95) – A slow and steady grower worth holding, and still undervalued at $70 oil. They are looking at at 50% upside.

▲ Cardinal Energy (CJ; $11.94) – They hold in their income fund and he owns personally. High yield and good exposure to oil, a and higher oil would substantially increase stock price: $80 oil would make it a $17 stock!

▼ Baytex (BTE; $6.80) – Good company that they hold own, but it is almost fairly valued. Eric's fund holds a small position in the company. He is waiting to add if new CEO proves himself.

▲ Topaz (TPZ; $31.58) – A slow and steady grower worth holding, but fully valued at current price. Still a good buy for the dividend.

▲ Whitecap (WCP; $18.16) – A pass pick that he would still add to his top picks if it was allowed. Has a 25% upside. Insiders are buying stock. One of the best oil stock to own.

▼ Greenfire Resources (GFR; $6.20) –Too small and not a good quality purchase.

▼ Birchcliff Energy (BIR; $6.52) –Canadian natural gas and not a market to be in. Would not buy!

▲ Ovintiv (OVV; $87.89) – Excellent CEO and concentrated on lean production. Still trades at a discount. Would be a decent buy here. At $80 oil they see a $91 stock price.

▼ Kelt Exploration (KEL; $10.36) – A very small company but a possible takeover target. A speculative buy that he avoids and is fairly valued now.

▲ Enbridge (ENB; $69.20) – A good buy at this price (they just bought some more at $70 for their income fund).

▲ Tenaz Energy Corp (TNZ; $65.51) – A very good company but they cannot buy because of small available float. A pretty good value at current price and good potential on European gas demand.

His Top Picks:

Cenovus (CVE; $45.56) – Very excited about this company. Increasing share buy-backs. 46-50% upside from here.

Strathcona Resources Ltd. (SCR; $44.50) – One of Eric's larger holdings. 50 years of stay flat inventory. Estimating 8% yield when special dividends are included. Anticipating large special dividends in the near future. 61% upside at $80 oil.

Suncor (SU; $93.00) – Best integrated oil company in Canada, especially diesel price. Decades of inventory. 30-50% upside on $80 oil.

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See data from Eric's past appearances on BNN here.

Dividend Income

Most dividends received from companies located outside of Canada are not paid in full to stockholders. Most countries have a withholding tax on dividends though in some cases the tax can be partially reimbursed if there is a tax treaty between Canada and that country. But there are a few countries that do not have a withholding tax. This list includes prominent companies in each country.

• United Kingdom (Shell, British American Tobacco, BP, HSBC, Barclays, Rio Tinto, Imperial Brands, AstraZeneca, Anglo American, Unilever and GlaxoSmithKline)
• Hong Kong
• Singapore (DBS Group, OCBC Bank)
• Malaysia
• Vietnam 
• Estonia
• Latvia
• United Arab Emirates
• Kuwait 
• Qatar
• Malaysia
• Mauritius
• Bahamas
• Bermuda
• Cayman Islands 

Taxes

Minimizing taxes is important, but it is essential to use all the legitimate methods to avoid underpaying or being guilty of evasion.

Methods to reduce taxes:

1. Donating to a registered charity or political party.
2. Offset capital gains with any available capital losses.
3. Moving a stock from a cash account to a registered account may generate a capital gain or loss. Use this wisely: use any unused capital loss to offset a capital gain, or generate a capital loss to offset current or future gains.
4. As much as possible, have income from savings come in the form of dividends rather than bank interest, including GICs. One way to achieve this with minimal volatility is with minimum rate reset preferred shares.
5. Keep high yielding Canadian dividend stocks out of registered plans to take advantage of the dividend tax credit.
6. Keep U.S. listed dividend paying stocks in an RRSP or RRIF. This allows receiving the full dividend without U.S. withholding tax (due to a tax treaty).

I've used StudioTax, a paid software, in the past and found it very good; the amount of tax that I had to pay was exactly as the software had calculated. Wealthsimple provides a free tax filing service.

The website TaxTips.ca has a page showing the tax rates in Ontario for various types of income. Note that the percentages below do not include the addition of the Ontario Health Premium which can increase the tax rates by up to 25%!

 

Resource Stocks

Resource stocks can be an important part of an investment portfolio. These are basically companies extracting and processing oil and gas and various minerals. Major minerals are copper, iron, aluminum, nickel, zinc, lead and uranium, plus the precious metals: gold, silver, platinum and palladium.

Oil & Gas (integrated): Chevron (CVX), Exxon Mobile (XOM), Imperial Oil (IMO), Suncor (SU)

Oil & Gas (extraction): Athabasca (ATH), Strathcona (SCR), Ovintiv (OVV), Arc Resources (ARX), Tamarack Valley (TVE), Baytex (BTE), Cenovus Energy Inc. (CVE)

Natural Gas: Tourmaline (TOU), Expand Energy (EXE), Antero Resources (AR)

Oil & Gas (royalty): Topaz (TPZ), Freehold Royalties (FRU)

Gold & Silver: Newmont (NEM), Barrick (ABX), Agnico-Eagle (AEM)

Silver: Pan American Silver (PAAS)

Minerals (various): Anglo American (AAL), BHP Group (BHP), Glencore (GLEN.L), Teck Resources (TECK.B), Rio Tinto (RIO)

Oil & Gas Services: PHX Energy Services (PHX)

Minerals Specialized

Coal: Alliance Resource Partners (ARLP), Stanmore Resources (SMR.AX), Yancoal (YAL.AX)

Copper: Freeport McMoRan (FCX)

Uranium: Cameco (CCO), Mega Uranium Ltd. (MGA)

Resource ETFs

Silver: Sprott Physical Silver Trust (U.UN, GlobalX Silver Miners (SIL), iShares Silver Trust (SLV)

Uranium: Sprott Physical Uranium Trust (U.UN), Sprott Uranium Miners (URNM)

Doug Casey

A long time advocate of alternative investing and international diversification, Doug Casey is a valuable resource for those seeking a safe haven in these perilous times.

His website, International Man, has many articles and resources to aid in designing a strategy of wealth diversification. He also has a free newsletter available at Crisis Investing.

Similar to Andrew Henderson's Nomad Capitalist, Doug advocates "going where you are treated best"®, which means typically moving to a non-Western country that does not over-tax and over-regulate your economic life. He also is a critic of fiat currencies and advocates protecting your wealth with some exposure to precious metals and other hard resources. For political freedom he recommends having multiple passports.

Crypto

The non-fiat currency of the 21st century, yet to be full implemented as a viable alternative to fiat currencies or gold.

Bitcoin - USD 2010-2024

How to create a paper wallet.

Investment Savings Account

To earn higher interest on cash (CDN or USD) in an RRSP, TFSA or a cash account that you want to keep liquid, use an investment savings accounts (ISA) available from various banks. These can be purchased like a mutual fund but are actually a type of savings account. Priced at either $1.00 or $10.00 per unit. They don't pay interest per se, the unit price remains the same but you receive additional units.

 

Institution	CDN	USD
	TICKER SYMBOL
Scotiabank	DYN5000	DYN5001
Royal Bank	RBF2010	RBF2014
TD Bank	TDB8150	TDB8152
CIBC	ALT5078	—
Desjardin Bank	DJQ1000	—

 

TICKER	Rates as of 2026-01-01
DYN5000	CAD	1.95%
DYN5001	USD	3.15%
RBF2010	CAD	1.8%
RBF2014	USD	3.15%
TDB8150	CAD	1.8%
TDB8152	USD	3.15%
ALT5078	CAD	1.9%
DJQ1000	CAD	1.95%

Precious Metals

Precious metals, gold, silver and platinum in coin and bar form can be purchased online and in-store from some suppliers. Canadian PMX usually has the best prices, but Silver Gold Bull has a bigger selection. Some suppliers:

• Canadian PMX, Toronto - free shipping on orders over $500
• Gold Silver Bull, Calgary - free shipping on orders over $299
• TD Precious Metals
• APMEX – U.S. based
• AUBullion, Toronto
• Canada Gold, multiple office across Canada
• The Silver Standard
• Chards of Blackpool, Blackpool, UK
• Swiss Gold Dealers 

Canadian Maple Leaf gold & silver. U.S. Liberty gold & silver

Britannia

Sovereign

South African Krugerrand

U.S. Saint-Gaudens Double Eagle

Fine gold bars:

1 kilo bar

1 kilo bar

50g bar

1 oz bar

Gold Income

A relatively new company has developed a security to invest in gold and make income. Monetary Metals has issued a gold bond that has matured and, according to their website had a return of 13%, though it's not clear if that is in dollar terms or gold. They are looking to provide more issue to allow investors to earn gold as interest.

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A few silver coins I'm looking at buying:

2012 War of 1812 3/4 oz

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Precious Metal Stocks

Barrick Gold Corp.

Agnico Eagle Mines Ltd.

Newmont Corp.

Top 20 Gold Mining Companies in the World

Convertible Preferred Shares

Convertible preferred shares are one of the most conservative investments yet have an upside potential of the underlying common shares. Popular in the 1960s through to the 1980s few remain today.

I have found only 4:

Hecla Mining (HL-PB) $50 par value, convertible into 3.2154 common shares. $3.50 div.

Bank of America (BAC-L) $1,000 par value, convertible into 20 common shares. $72.50 div.

Wells Fargo (WFC-L) $1,000 par value, convertible into 6.3814 common shares. $75.00 div.

EPR Properties (EPR-PE) $25 par value, convertible into 0.4826 common shares. $2.25 div.

 

See the Preferred Stockchannel's convertible preferred list.

https://www.preferredstockchannel.com/slideshows/?slideshow=convertible&page=6

Rate Reset Preferreds

A list of the currently available Canadian minimum rate reset preferred shares. These are different from regular preferred shares in that they are reset every five years from the date of issue (or redeemed at par) and have a minimum rate that they can be reset to, thus limiting the lower range to which the rate is reset compared to most preferred shares.

They are preferable to regular preferred shares that act more like a bond: if rates rise their stock price declines and this can be substantial. Depending on how far away the rest date is the fall in price is less. For example, Emera series H Cumulative Minimum Rate Reset First Preferred Shares, issued in 2018 had an initial dividend of $1.225 yielding 4.90% (based on the $25 par value). The dividend was reset August 15, 2023 to $1.581 yielding 6.32%.

Comparing the volatility of a regular rate reset preferred to a minimum rate reset. The Emera series C (a regular rate reset preferred) and series H both reset in 2023. But during the stock market collapse in March of 2020, the series C dropped as low as $12.60 whereas the series H only fell to $21.34.

For all of those listed below the reset rate is based on the Government of Canada 5 year bond yield on or near the reset date plus additional interest, provided it is above the minimum. Information found at CanadianPreferredShares.ca. Stocks are listed in order of higher credit rating.

Symbol	Credit Rating	Fixed Rate Base	Reset Date	Dividend Amount per Quarter	Indicated Yield	Issue Name
BN.PF.H CA11271J6694	Pfd2L	5YR + 4.17% Min_5%	2025/12/31	$0.3125	4.96%	BAM_Inc._5.00%_Series_44
BN.PF.I CA11271J6447	Pfd2L	5YR + 3.85% Min_4.8%	2027/03/31	$0.3366	4.80%	BAM_Inc._4.80%_Series_46
BN.PF.J CA11271J6280	Pfd2L	5YR + 3.10% Min_4.75%	2027/12/31	$0.3893	4.75%	BAM_Inc._4.75%_Series_48
BEP.PR.G BMG162581323	Pfd3H	5YR + 4.47% Min_5.5%	2026/01/31	$0.3438	5.50%	BRP_L.P._5.50%_Series_7
BEP.PR.M BMG162584053	Pfd3H	5YR + 3.00% Min_5.0%	2028/04/30	$0.3781	6.05%	BRP_L.P._5.00%_Series_13
EMA.PR.H CA2908768617	Pfd3H	5YR + 2.54% Min_4.9%	2028/08/15	$0.3953	6.32%	Emera_4.90%_Series_H
EMA.PR.J CA2908768468	Pfd3H	5YR + 3.28% Min_4.25%	2026/05/15	$0.2656	4.00%	Emera_4.25%_Series_J
ENB.PF.K CA29250N5192	Pfd3H	5YR + 3.17% Min_4.9%	2028/03/01	$0.3883	6.21%	Enbridge_4.90%_Series_19
PPL.PF.A CA7063277643	Pfd3H	5YR + 3.26% Min_4.9%	2028/03/01	$0.3939	6.302%	PPL_4.90%_Series_21
PPL.PF.E CA7063277239	Pfd3H	5YR + 3.51% Min_5.2%	2028/02/15	$0.4051	6.48%	PPL_KML_5.20%_Series_25
AX.PR.I CA04315L8657	Pfd3L	5YR + 3.93% Min_6%	2028/04/30	$0.4371	6.00%	Artis_REIT_6.00%_Series_I
BPO.PR.C CA1129006674	Pfd3L	5YR + 5.18% Min_6%	2026/06/30	$0.3823	6.12%	BOP_Inc._6.00%_Series_CC
BPO.PR.E CA1129006427	Pfd3L	5YR + 3.96% Min_5.1%	2027/03/15	$0.3435	5.10%	BOP_Inc._5.10%_Series_EE
BPO.PR.G CA1129006260	Pfd3L	5YR + 3.74% Min_4.85%	2027/06/30	$0.4091	4.85%	BOP_Inc._4.85%_Series_GG
BPO.PR.I CA1129005924	Pfd3L	5YR + 3.23% Min_4.85%	2027/12/31	$0.3974	6.36%	BOP_Inc._4.85%_Series_II
ECN.PR.C CA26829L6026	Pfd3L	5YR + 5.19% Min_6.25%	2027/06/30	$0.4961	7.94%	ECN_Capital_6.25%_Series_C
BIP.PR.B BMG162521436	NR	5YR + 4.53% Min_5.5%	2025/12/31	$0.3438	5.50%	BIP_L.P._5.50%_Series_3
BIP.PR.E BMG162522004	NR	5YR + 3.00% Min_5.00%	2028/03/31	$0.415125	6.642%	BIP_L.P._5.00%_Series_9
BIP.PR.F BMG162522269	NR	5YR + 2.92% Min_5.10%	2028/12/31	$0.402875	6.446%	BIP_L.P._5.10%_Series_11

Above are Canadian Minimum Rate Reset Preferred shares. Below are US dollar preferreds that are floating rate (i.e., reset quarterly) but with a minimum value.
These Bank of America preferreds all use the 3-month CME SOFR for the rate reset, and have varying minimum rates.* All are perpetual and re-callable anytime.
Importantly, these are all non-cumulative, but no dividends have been missed since issue even during the price collapse of BoA common and preferred shares in 2009.

Symbol	Payment Dates	Fixed Rate Base	Reset Date	CUSIP	Prospectus
BAC-PE	Feb 15, May 15, Aug 15, Nov 15	3mth CME SOFR + 61.161bps – Min. 4%	perpetual	060505815	Series E
BML-PG	Feb 28, May 28, Aug 28, Nov 28	3mth CME SOFR + 101.161bps – Min. 3%	perpetual	060505633	Series 1
BML-PH	Feb 28, May 28, Aug 28, Nov 28	3mth CME SOFR + 91.161bps – Min. 3%	perpetual	060505625	Series 2
BML-PJ	Feb 28, May 28, Aug 28, Nov 28	3mth CME SOFR + 101.161bps – Min. 4%	perpetual	060505591	Series 4
BML-PL	Feb 21, May 21, Aug 21, Nov 21	3mth CME SOFR + 76.161bps – Min. 4%	perpetual	060505583	Series 5

* – The prospectuses for the above preferred shares state that the dividend rate was to be determined by the three-month LIBOR rate on the London market. This was changed by an Act of Congress in 2022 to replace the LIBOR rate with the CME SOFR rate.

Graham Number

The Graham number is a formula based on the work of the pioneering investment analyst Benjamin Graham.

The Graham number is a method developed for defensive investors. It evaluates a stock’s intrinsic value by calculating the value of the stock based on its earnings and book value. If the resulting value is higher than the current selling price then the stock is considered to be under valued. The formula is the square root of 22.5 times the multiplied value of the company’s earnings per share (EPS) and book value per share (BVPS). 

To apply this method, two conditions must be met:

1. The average Price to Earning ratio (P/E) for past 3 years should not be > 15.
2. The Price to Book ratio (P/B) should not be > 1.5.

Financial Stocks:
Note that he did not believe this formula provided a valid criteria for selecting financial stocks like banks and insurance companies, and also does not apply to asset-light companies with more than 10% growth rate (which I believe would apply to most high-tech companies and other startups).

Other criteria Graham saw as essential to a defensive approach to stock selection:

1. Current assets should be at least twice current liabilities.
2. Long-term debt should not exceed the net current assets. 
3. Positive earnings in each of the past 10 years.
4. Uninterrupted dividends for at least the past 20 years.
5. A minimum increase of at least 33% in EPS in the past 10 years.

Earnings vs. Owner Earnings

Owner earnings rather than the stated earnings tell us the amount of value the company is creating and how much is flowing back to shareholders.

Owner earnings equal:

1. reported earnings
2. + depreciation & amortization
3. +/- other non-cash charges
4. – average annual maintenance capital expenditures (Capex)
5. +/- changes in working capital.

“An intelligent investor is a realist who sells to optimists and buys from pessimists.” – Benjamin Graham.

Term Deposits

The term for US dollar GICs in Canada is Term Deposits or TDs (called Certificates of Deposit or CDs in the U.S.). They are available in Canada from most financial institutions. There are cashable, redeemable and non-redeemable TDs; non-redeemable ones pay the highest interest rate.

Scotiabank - redeemable, non-redeemable and cashable

TD Bank - cashable and non-cashable

RBC - redeemable, non-redeemable and cashable

Redeemable vs cashable GICs (via NerdWallet):

Both cashable and redeemable GICs are flexible investment options that allow you to withdraw your money before the end of the GIC’s term.
While most cashable GICs have a short locked-in period (30-90 days) before you can access the money without any penalty, redeemable GICs do not; You can withdraw your cash anytime.
Another difference involves the interest you’ll earn if you withdraw your money before the term is up.
For the most part, a cashable GIC earns interest during the time period that you hold it. So if you have a one-year cashable GIC and redeem it after eight months, you’ll receive interest for those eight months with no penalties. If you do the same with a redeemable GIC, you’ll be subject to early-redemption rates set by the bank, which are usually significantly lower than the rate you get if you finish the full term.

Useful Links

Annuity payout calculator

Dividend History for both CDN & US stocks

Heritage Financial GICs and Savings Accounts

High Interest Savings Accounts chart

Best High-Interest Savings Accounts

Scotiabank Tiered Deposit Accounts, both CDN & USD

Royal Bank Investment Savings Accounts, CDN & USD

TD Bank Investment Savings Accounts, CDN & USD

Prime rates in Canada & US

5 year bond rate - Canada

T-Bill rates - Canada

SEDI insider trading data - Canada

FinViz insider trading data - US

RateHub - GIC rates

Preferred Stock Channel

Annuity Payout Calculator

Tax Treaties with Canada

Graham Intrinsic Value Calculator

Dividend Leaders is a great resource for finding dividend lists for countries and sectors:

Dividend Leaders - World Telecom Stocks

Dividend Leaders - Swiss Stocks

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Singapore

Singapore Dividend Leaders
Dividend Leaders - Singapore Stocks

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CURRENCIES

A look at the loss in value of the Canadian dollar highlighted by its decline against the Swiss franc, and the even worse collapse of the British pound when shown against the weak Canadian dollar.

Historical CAD-GBP exchange rate at Pound Sterling Live.com. Historical CAD exchange rates at OFX.com

General Info

A place for particularly links and articles related to investing.

An interesting graphic showing the asset mix of Berkshire Hathaway as of Q1, 2024: