Small link from the Globe & Mail (with the full gamut of ideologues represented amongst the commenters).

In an echo of the massively successful senate gambling bill ambush in Washington that set the cat amongst the online poker pigeons (and their NETeller type associates), the opposition Canadian Liberals and the Bloc Québécois have an opportunity to wreak political havoc on the minority Conservatives with these (likely) hearings.

Trust ramifications? Unlike the parrot, it would appear that their fiscal envelope is not quite demised, bereft of life, deceased, no more, ceased to be, passed on, resting in peace, pushing up daises...(continues here). It is merely stunned.

Hopefully olive-growing Canadians in Andalucía will weigh in as before.

Indebted to
Canadian Capitalist for covering the debate; and Cassandra for the reminder of the Norwegian Blue sketch. Lovely plumage.

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  1. Charles Butler // 1/19/2007 05:46:00 PM

    Well.... alright then Rawdon, despite a certain post-Christmas grouchiness evident in CC recently.

    1). What does the possibility that the dividend paid on a stock were to track its EPS imply for the income stream of Ben Graham's heirs? (File under collateral damage).

    2). Should Graham's investing principles be used to guide the internal operation of a company?

    3). What does the proliferation of income trusts in a country with an aging population do to the function of the stock market as source of venture capital? (Same for ETF's, BTW).

    4). Should stocks be marketed as if they were bonds, as has been the case with IT's? My guess is that there would be equal political fallout from IT holders in any downturn in earnings.

    Those might be some of the issues involved and maybe, as was stated somewhere, the plug may have been pulled at the urging of BCE and Telus. Oil companies that earn their keep sucking oil from 1500 feet under Lake Athabaska through a sideways pipe are a different item from firms that have no idea from whence the next shot will emanate.

    Obviously, though one shudders at the definitions that would come out of Ottawa, there is clearly a difference between companies that are primarily generators of income streams (Yellow Pages, for example) and say, Research In Motion. It's a difference that should, and can be, exploited to the benefit of many. We'll have to wait for the "committee" to finish its politicking and then the outcome of another election. But the Grits better have a plan.

    Other questions remain unanswered, however...

    1). Is Stephen Harper fit to lead a political party?

    2). Is Stephen Harper fit to lead a country?

    3). Can you win an election in Canada without Québec and the aging middle class?

    4). Can you win an election in Alberta with no oils behind you?

    *The latter two render the first a little academic, though.


    Thanks for:

    1). The tip on Canadian Capitalist. An exemplary bit of work, no?

    2). Reminding us about Cassandra. Undoubtedly the best writer in the blogosphere.


    Canadian reading:

    As we all know, the source of the Dominion's vast wealth is the worldwide monopoly Canada has on the heavy element, sanctimony (number 103 on the periodic table, Symbol: Sa). But to truly appreciate the degradation that this abundance can reek on a nation, check out the Globe's comment section on the discovery of the Cambodian feral woman.

  2. RJH Adams // 1/19/2007 06:22:00 PM

    Happy New Year!

    Charles, no way I'm arguing the investment merits of the royalty trust structure - you appear to have covered the context and I don't meaningfully disagree. But there is positive shock value for the sector from the proposed hearings not obviously on the price of the sector.

    Brilliant comments off that link - it was you, was it not, who posted the second view. Mind, the guy who said she'd make a tough "Survivor" candidate is a nominee for Winner losing only to "half animal, half woman? My telephone number is...".

    Grumpiness is indeed the order for Q1 but surely will fade alongside the market. It could be a long wait.

    Cassandra is the Man. I await the first novel eagerly.

  3. Charles Butler // 1/19/2007 07:54:00 PM

    Happy New Year to you, too. Good to have you back in action.

    I was just trying to outline a couple of the issues at the heart of the debate. I'm convinced that something viable will come out of it. Canadians love negociated solutions.

    And we're a strange lot. Alongside our insistence that the North American arctic falls within our boundaries, we also claim sole ownership of the Moral High Ground - to which we all rush, flags waving whenever that trusteeship is threatened. Thus the admonitions in the IT thread, the feminism (or was it animal rights? I couldn't figure out number 1) in the Half Animal story.

    At the same time, this incredibly irreverent and funny sense of humour. A CBC radio radio standup comedy show I came across last visit gave us this gem:

    "When you walk into a Starbucks to get a coffee, they've always got all these donation tins on the counter with pictures of starving children in Africa. Well, with the prices they charge if I just stayed out of place for two weeks, I could afford to BUY my own - and one without any flies."

    Imagine driving around in the bucolic, flat muckiness of spring in southwestern Ontario at ten o'clock on a Saturday morning and having that flung in your face.

    Thanks, but I don't post to that pit of contagion.

    Have you noticed, by the way, the extreme skittishness of European markets lately - in comparison with the American? Exactly what relationship would the enormous volume in inverse ETF's over there have to do with that? All of these meta-inversions (in which category I include IT's) are changing the game.

  4. RJH Adams // 1/19/2007 08:41:00 PM

    Demented is my current favourite characterisation.

    But my judgement is clouded so far beyond bias soon I'll be asked to get into public relations.

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