The fund underperformed in June, due largely to being over-weight in DeemedRetractible issues, more particularly insurance DeemedRetractibles which didn’t just underperform – these issues actually underperformed PerpetualDiscounts, something I cannot explain. The Canadian preferred share …
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August 1, 2013
Here’s an amusing – and perhaps inevitable – consequence of preferential ballotting: The number of parties registered to contest an upper house election due by Nov. 30 has more than doubled to 54 since 2010, …
July 31, 2013
The FOMC statement was released and had no surprises: To support a stronger economic recovery and to help ensure that inflation, over time, is at the rate most consistent with its dual mandate, the Committee …
BMO.PR.M To Reset at 3.390%
The Bank of Montreal has announced (although not yet on their website): the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16 (the “Preferred Shares Series 16”) and Non-Cumulative …
July 24, 2013
I never get tired of mocking the salesmen who pretend to be rough-tough investment analysts. Today’s winners are Alan Roseman and Laura Schwartz, incompetents who feel that “follow the leader” is a dandy investment strategy: …
BMO.PR.M To Reset
The Bank of Montreal has announced: that it does not intend to exercise its right to redeem the currently outstanding Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 16 of the Bank (the “Preferred …
July 3, 2013
Europe’s back in the news: A broad market selloff was triggered Wednesday morning by the crumbling of the centre-right government of Portuguese prime minister Pedro Passos Coelho, which has been rocked by the resignations of …
MAPF Performance: June 2013
The fund underperformed in June, due largely to being over-weight in DeemedRetractible issues, more particularly insurance DeemedRetractibles which severely underperformed – in fact, these issues performed indistinguishably from PerpetualDiscounts. Markets in general performed poorly in …
TD.PR.S To Reset To 3.371%
Toronto-Dominion Bank has announced: the applicable dividend rates for its Non-Cumulative 5-Year Rate Reset Preferred Shares, Series S (the “Series S Shares”) and Non-Cumulative Floating Rate Preferred Shares, Series T (the “Series T Shares”). With …
ETC To Become Bank
Equitable Trust Company has announced: that it has received approval from the Minister of Finance to continue its wholly owned subsidiary, The Equitable Trust Company, as a Schedule I bank called Equitable Bank in English …