{"id":33814,"date":"2016-10-26T22:59:14","date_gmt":"2016-10-27T03:59:14","guid":{"rendered":"http:\/\/prefblog.com\/?p=33814"},"modified":"2016-10-26T22:59:14","modified_gmt":"2016-10-27T03:59:14","slug":"33814","status":"publish","type":"post","link":"https:\/\/prefblog.com\/?p=33814","title":{"rendered":"October 26, 2016"},"content":{"rendered":"

I am among many people who like to ponder the future of employment amidst all the automation nowadays. Not with any apocalyptic bias – it is self-evident that the cost of everything is, ultimately, a labour cost and therefore labour income – but with what I hope is a less jaundiced eye.<\/p>\n

I think we may be entering a new era of craftsmanship, in which we have Big Business producing commodities for the masses and small, internet-enabled businesses taking a more careful and individualistic approach. I may be biased in this, because that’s the business model of Hymas Investment Management Inc., but there’s other evidence we’re heading that way.<\/p>\n

Consider craft beer<\/a>:<\/p>\n

But it wasn\u2019t too long ago that American beer drinkers were largely limited to what beer buffs call MillCoorWeiser beer\u2014the mass produced American lager most prominently sold under the Budweiser, Miller, and Coors brand names. In their 2015 article<\/a>, Economists Kenneth G. Elzinga, Carol Tremblay and Victor J. Tremblay (Elzinga et al.) report that prior to 1970 over 99% of the beer consumed in the U.S. was the traditional lager beer produced by the large domestic breweries. Needless to say, it was a bland time for American beer.<\/p>\n

Then in 1965, entrepreneur and innovator Fritz Maytag purchased the failing Anchor Brewing Company, located in San Francisco, and the revival of craft beer was under way. Maytag revived the brewery, and according to Elzinga et al. his operation inspired other entrepreneurs to join him in the craft beer renaissance.<\/p><\/blockquote>\n

\"num-macro-and-craft-brewers\"<\/a>
Click for Big<\/i><\/div>\n

And in Toronto<\/a>:<\/p>\n

The number of manufacturing firms has increased in recent years. \u201cWe attribute the growth to a lot more micro-manufacturing, as well as the \u2018maker movement\u2019\u201d of independent inventors, designers and tinkerers, as well as tech hardware companies, says [manager of entrepreneurship services for Toronto] Mr. [Chris] Rickett.<\/p>\n

\u201cPart of making sure manufacturing continues to exist is making sure that people know it is this very creative job opportunity. It needs rebranding, and the maker movement is really good at that.\u201d<\/p>\n

What\u2019s more, he says, new tech tools are making it a lot easier to open a manufacturing business.<\/p>\n

\u201cIt used to be if you wanted to make a product, the process of prototyping that and getting it to market was very long,\u201d he explains. \u201cNow you can prototype it down at the library, using their MakerBot [3-D printer], then put that prototype on Kickstarter and presell the product.\u201d<\/p>\n

The upshot is that the timelines and barriers to starting a manufacturing company have been drastically reduced.<\/p><\/blockquote>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
HIMIPref™ Preferred Indices
These values reflect the December 2008 revision of the HIMIPref™ Indices<\/strong>
Values are provisional and are finalized monthly<\/td>\n<\/tr>\n
Index<\/td>\nMean
Current
Yield
(at bid)<\/td>\n		Median
YTW<\/td>\n		Median
Average
Trading
Value<\/td>\n		Median
Mod Dur
(YTW)<\/td>\n		Issues<\/td>\nDay’s Perf.<\/td>\nIndex Value<\/td>\n<\/tr>\n
Ratchet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1660 %<\/td>\n1,720.6<\/td>\n<\/tr>\n
FixedFloater<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n1.1660 %<\/td>\n3,143.2<\/td>\n<\/tr>\n
Floater<\/td>\n4.36 %<\/td>\n4.51 %<\/td>\n42,876<\/td>\n16.38<\/td>\n4<\/td>\n1.1660 %<\/td>\n1,811.5<\/td>\n<\/tr>\n
OpRet<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0331 %<\/td>\n2,899.0<\/td>\n<\/tr>\n
SplitShare<\/td>\n4.83 %<\/td>\n4.62 %<\/td>\n41,728<\/td>\n2.08<\/td>\n6<\/td>\n-0.0331 %<\/td>\n3,462.0<\/td>\n<\/tr>\n
Interest-Bearing<\/td>\n0.00 %<\/td>\n0.00 %<\/td>\n0<\/td>\n0.00<\/td>\n0<\/td>\n-0.0331 %<\/td>\n2,701.2<\/td>\n<\/tr>\n
Perpetual-Premium<\/td>\n5.35 %<\/td>\n4.69 %<\/td>\n76,982<\/td>\n0.18<\/td>\n23<\/td>\n-0.0977 %<\/td>\n2,699.0<\/td>\n<\/tr>\n
Perpetual-Discount<\/td>\n5.13 %<\/td>\n5.14 %<\/td>\n96,311<\/td>\n15.24<\/td>\n15<\/td>\n-0.2936 %<\/td>\n2,905.1<\/td>\n<\/tr>\n
FixedReset<\/td>\n4.85 %<\/td>\n4.20 %<\/td>\n164,894<\/td>\n6.90<\/td>\n93<\/td>\n0.2227 %<\/td>\n2,097.0<\/td>\n<\/tr>\n
Deemed-Retractible<\/td>\n5.02 %<\/td>\n3.50 %<\/td>\n110,901<\/td>\n0.42<\/td>\n32<\/td>\n-0.0420 %<\/td>\n2,807.6<\/td>\n<\/tr>\n
FloatingReset<\/td>\n2.88 %<\/td>\n3.72 %<\/td>\n42,037<\/td>\n4.93<\/td>\n12<\/td>\n0.1688 %<\/td>\n2,262.7<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n
Performance Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nChange<\/td>\nNotes<\/td>\n<\/tr>\n
FTS.PR.F<\/td>\nPerpetual-Discount<\/td>\n-1.75 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 23.91
\nEvaluated at bid price : 24.15
\nBid-YTW : 5.14 %<\/td>\n<\/tr>\n
W.PR.H<\/td>\nPerpetual-Premium<\/td>\n-1.14 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.22
\nBid-YTW : -3.15 %<\/td>\n<\/tr>\n
FTS.PR.J<\/td>\nPerpetual-Discount<\/td>\n-1.13 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 23.18
\nEvaluated at bid price : 23.62
\nBid-YTW : 5.08 %<\/td>\n<\/tr>\n
W.PR.J<\/td>\nPerpetual-Premium<\/td>\n-1.05 %<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.36
\nBid-YTW : -9.55 %<\/td>\n<\/tr>\n
SLF.PR.J<\/td>\nFloatingReset<\/td>\n1.01 %<\/td>\nYTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 12.98
\nBid-YTW : 10.89 %<\/td>\n<\/tr>\n
FTS.PR.M<\/td>\nFixedReset<\/td>\n1.03 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 19.60
\nEvaluated at bid price : 19.60
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BMO.PR.S<\/td>\nFixedReset<\/td>\n1.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 19.71
\nEvaluated at bid price : 19.71
\nBid-YTW : 4.03 %<\/td>\n<\/tr>\n
BAM.PR.X<\/td>\nFixedReset<\/td>\n1.18 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 14.61
\nEvaluated at bid price : 14.61
\nBid-YTW : 4.36 %<\/td>\n<\/tr>\n
TRP.PR.H<\/td>\nFloatingReset<\/td>\n1.23 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 10.73
\nEvaluated at bid price : 10.73
\nBid-YTW : 4.11 %<\/td>\n<\/tr>\n
BAM.PR.C<\/td>\nFloater<\/td>\n1.35 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 10.50
\nEvaluated at bid price : 10.50
\nBid-YTW : 4.54 %<\/td>\n<\/tr>\n
PWF.PR.T<\/td>\nFixedReset<\/td>\n1.78 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 20.00
\nEvaluated at bid price : 20.00
\nBid-YTW : 3.97 %<\/td>\n<\/tr>\n
PWF.PR.A<\/td>\nFloater<\/td>\n2.08 %<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 11.80
\nEvaluated at bid price : 11.80
\nBid-YTW : 4.00 %<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n\n
Volume Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nShares
Traded<\/td>\n		Notes<\/td>\n<\/tr>\n
BMO.PR.B<\/td>\nFixedReset<\/td>\n438,604<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2022-02-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.73
\nBid-YTW : 4.27 %<\/td>\n<\/tr>\n
BIP.PR.B<\/td>\nFixedReset<\/td>\n256,100<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2020-12-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.68
\nBid-YTW : 4.91 %<\/td>\n<\/tr>\n
RY.PR.E<\/td>\nDeemed-Retractible<\/td>\n231,800<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2016-11-25
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.05
\nBid-YTW : -2.27 %<\/td>\n<\/tr>\n
TRP.PR.B<\/td>\nFixedReset<\/td>\n117,950<\/td>\nYTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 12.14
\nEvaluated at bid price : 12.14
\nBid-YTW : 4.12 %<\/td>\n<\/tr>\n
TD.PF.H<\/td>\nFixedReset<\/td>\n110,954<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-10-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.71
\nBid-YTW : 4.26 %<\/td>\n<\/tr>\n
BIP.PR.C<\/td>\nFixedReset<\/td>\n95,278<\/td>\nYTW SCENARIO
\nMaturity Type : Call
\nMaturity Date\t: 2021-09-30
\nMaturity Price : 25.00
\nEvaluated at bid price : 25.72
\nBid-YTW : 4.81 %<\/td>\n<\/tr>\n
There were 38 other index-included issues trading in excess of 10,000 shares.<\/td>\n<\/tr>\n<\/table>\n\n\n\n\n\n\n\n\n\n
Wide Spread Highlights<\/strong><\/td>\n<\/tr>\n
Issue<\/td>\nIndex<\/td>\nQuote Data and Yield Notes<\/td>\n<\/tr>\n
TD.PF.E<\/td>\nFixedReset<\/td>\nQuote: 21.46 – 21.89
\nSpot Rate : 0.4300
\nAverage : 0.2658<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 21.46
\nEvaluated at bid price : 21.46
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n

TRP.PR.A<\/td>\nFixedReset<\/td>\nQuote: 15.51 – 15.93
\nSpot Rate : 0.4200
\nAverage : 0.2825<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 15.51
\nEvaluated at bid price : 15.51
\nBid-YTW : 4.40 %<\/td>\n<\/tr>\n

SLF.PR.K<\/td>\nFloatingReset<\/td>\nQuote: 16.25 – 16.75
\nSpot Rate : 0.5000
\nAverage : 0.3997<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 16.25
\nBid-YTW : 8.72 %<\/td>\n<\/tr>\n

IAG.PR.G<\/td>\nFixedReset<\/td>\nQuote: 20.30 – 20.59
\nSpot Rate : 0.2900
\nAverage : 0.2007<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 20.30
\nBid-YTW : 6.64 %<\/td>\n<\/tr>\n

TD.PF.D<\/td>\nFixedReset<\/td>\nQuote: 20.97 – 21.20
\nSpot Rate : 0.2300
\nAverage : 0.1489<\/p>\n

YTW SCENARIO
\nMaturity Type : Limit Maturity
\nMaturity Date\t: 2046-10-26
\nMaturity Price : 20.97
\nEvaluated at bid price : 20.97
\nBid-YTW : 4.17 %<\/td>\n<\/tr>\n

MFC.PR.J<\/td>\nFixedReset<\/td>\nQuote: 19.77 – 20.00
\nSpot Rate : 0.2300
\nAverage : 0.1559<\/p>\n

YTW SCENARIO
\nMaturity Type : Hard Maturity
\nMaturity Date\t: 2025-01-31
\nMaturity Price : 25.00
\nEvaluated at bid price : 19.77
\nBid-YTW : 6.86 %<\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"

I am among many people who like to ponder the future of employment amidst all the automation nowadays. Not with any apocalyptic bias – it is self-evident that the cost of everything is, ultimately, a …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[15],"tags":[],"class_list":["post-33814","post","type-post","status-publish","format-standard","hentry","category-market-action"],"_links":{"self":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33814","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33814"}],"version-history":[{"count":0,"href":"https:\/\/prefblog.com\/index.php?rest_route=\/wp\/v2\/posts\/33814\/revisions"}],"wp:attachment":[{"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33814"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33814"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/prefblog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33814"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}