The markets went berserk, and now folks are attempting to explain, mansplain or rationalize what happened. Was it bitcoin? Was it American Inflation Concerns? Maybe I wasn’t wearing my lucky socks on Tuesday? Who knows but the mayhem continues. It is now being called a correction, so welcome to the end of the Bull Market of 2009.
Given this started with a 20 minute debacle, I doubt that many humans were involved in this, more like many trading algorithms saw their shadow and they all dumped, stock, causing the sudden deep drop. Another example of FinTech having the promise of doing things well, but has the downside of amplifying and accelerating bad things. Hopefully it will be a sobering event for Millenials who keep saying, “The Market never goes down”.
In Ottawa we learned that our LRT is delayed at least 6 months, if not longer. Given that the “Mass” Transit system in Ottawa has been a mess for 4 years, I guess another year of waiting won’t matter. I keep thinking that it shouldn’t take this long to put in a tram system, but I am not a “Mass Transit” expert either.
The Olympics have already started, and not just because Korea is so many hours ahead of us. Mixed Curling has started, and mixed team skating has started as well. Glad to see Curling made it into the Olympics. I hated Curling as a child, but that was because it interfered with watching the Bugs Bunny Road Runner hour. Go Olympics! Go Sports!
Remember it is Tax Season and RRSP season as well. I don’t espouse making those late RRSP additions for the sake of it, but remember you can use a TFSA, an RRSP, or an RESP to save for your future (or your kids’ future). My only argument against using those would be, you should pay your debts off first!
My Recent Writings
A while ago a loved one was duped into changing her Cable TV provider, but thanks to Ellen Roseman I was able to remedy the situation. Slamming Senior Citizens is a growth industry (given the baby boomers are getting older), and I am not happy about it. Don’t let these 21st Century Fuller Brush Salesfolk get fat on duping our seniors.
Micro Blogging on Finance
Crisis? What Crisis? The Markets went berserk for a while this week, but they are fine now? Maybe? Preet has some advice for you.
A (Canadian) balanced portfolio with the typical home bias is nowhere near down as much as a 100% exposure to the Dow. Don’t sell in fear, don’t buy in greed. Just stick to your plan. #dontbeanagentofchaos pic.twitter.com/2t8kk0NkHE
— Preet Banerjee (@preetbanerjee) February 6, 2018
Olympics of Finance
Yes, the Olympics have started, and now we can enjoy watching sports we never really cared about except at the Olympics (e.g. Ice Dancing, Pursuit Downhill skiing, Al Michaels’ commentaries, etc.,).
- The Blunt Bean Counter comes out with another solid piece of advice for your Financial Planning, Power of Attorney for Personal Care – Mental Capacity and Medical Assistance When Dying. I hope you folks have bookmark’ed his site, because this stuff is spot on.
- In these turbulent times of trading, Dan B. wrote about Vanguard’s One Fund Solution. Is this the ultimate fire and forget solution for Couch Potato Investors?
- Are higher interest rates causing insolvencies in Ontario? Not quite yet as reported by Doug Hoyes in Monthly Bankruptcy and Consumer Proposal Statistics 2017. Will they increase? Maybe, especially with Bitcoin and the market dropping.
- Evidently the Equifax breech wasn’t that big a thing, because the US Consumer protection folks are shuttering their investigation (according to Reuters). Guess the millions of folks who had information divulged have nothing to worry about any more? (yes that was sarcasm).
- Remember the heady days of how collectibles were going to make you rich? Sounds a lot like Bitcoin these days, doesn’t it? Anyone want to buy an X-men #1 Comic Book?
- Taking the P out of Cryptocurrency? Sewage plant ‘hacked’ to craft crypto-coins, I kid you not, that is how crazy cryptocurrency mining tricks are going.
- Michael James is a man who speaks his mind, and in Puzzling TFSA Advice he wonders about Gail Vaz-Oxlade’s comments about not putting stocks in your TFSA, and how he doesn’t really agree with her statements.
Given Curling is in the Olympics, for those of you not sure about the game, have a watch.
The New 2018 Random Thoughts
- Superb Owls, RDSP Deposit and #MoneyTalk (February 2nd)
- OHIP Overload, Doomsday minus 2 minutes, and #MoneyTalk (January 26th)
- Tighter Money, Best Investment, Go North! and #MoneyTalk (January 19th)
- Paper Delivery, Bitcoin and #MoneyTalk (January 12th)
- Polar Vortexes, Minimum Wage and #MoneyTalk (January 4th)
End of 2017 Random Thoughts
- Winter, Inflation and Christmas are Here and #Moneytalk (December 22nd)
- Canadians Owe More , Polar Temps, CPP Survivor Benefits and #MoneyTalk (December 15th)
- DTC Changes, Christmas Present Ideas, Fraud and #MoneyTalk (December 8th)
- Unlocking Phones, Raiding Parents’ RRSP, Household Debt and #Moneytalk (December 1st)
- What is your price, Black Friday, Phoenix and #MoneyTalk (November 24th)
- We Shall Remember, Paradise Papers, Tax Cheats and #MoneyTalk #FLM2017 (November 10th)
- Fall Back, Farewell PC Financial, and #MoneyTalk #FLM2017 (November 3rd)
- Mortgage Tests, Thanks Gord and Bombardier and #Moneytalk (October 20th)
- Halifax Ikea, New Tax Plans, Pumpkin Spice ETFs and #MoneyTalk (September 29th)
My RSS feed is available.
You won’t see this advertised on Facebook because, “Your ad wasn’t approved because it doesn’t follow our Advertising Policies. We do not allow ads that promote financial products and services that are frequently associated with misleading or deceptive promotional practices, such as binary options, initial coin offerings, or cryptocurrency. This policy is part of an ongoing effort to improve the integrity and security of our ads, and to make it harder for scammers to profit from a presence on Facebook.”
Glad to see their AI reader just looks for the word Bitcoin (and possibly lucky socks) and kicks it out. Good on you Facebook! Keep making the interweb safe!