2007
Friday Nov 30, 2007 TSX, ME merger talks are back on
The Montreal Exchange and TSX Group Inc. are again talking marriage after a long and stormy courtship.
...Shares in the ME soared after the two exchanges announced yesterday they have restarted merger talks. ME shares rocketed $6.35, or 22 per cent, to $35.55. TSX shares rose $2.90, or 5.8 per cent, to $53.
Thursday Nov 29, 2007 Montreal Exchange, TSX in merger talks
On again, off again merger talks between the Montreal Exchange and TSX Group Inc. are on again.
The two exchanges announced today they are in talks to merge.
Thursday 15 November 2007 Short-selling rule revision may be culprit behind volatile markets
Rather, an obscure rule change governing the short selling of U.S. stocks may be playing a significant role in the markets' mood swings, a U.S. equity research firm says.
more
Wednesday 31 October 2007
We'll show you how to sift through the markets and screen out the winners and the losers. Today: Canadian stocks in the fast lane
Monday 17 September 2007 Telephone trading nearing its end
Trades are increasingly routed away from the TSX
Thursday 28 June 2007 Flaherty pushes plan for national securities regulator
... Only Ontario, which is home to Canada's largest stock market and its largest provincial securities commission, supported the federal minister.
Mr. Flaherty said the passport system is a step forward but declared it is inadequate because it still leaves in place 13 regulators with 13 sets of laws and 13 sets of fees.
In addition, he said, Canada needs to join in the global movement toward free trade in securities and to do this it must have a single regulator. [about time!]
Tuesday 13 March 2007 Time to get ornery over fund fees
Let's say the management expense ratio charged by a fund you own fell by 0.25 of a percentage point over a couple of years. Assuming a $10,000 investment over 20 years and a return that rises to 10 per cent after fees from 9.75 per cent, you'd have almost an extra $3,000 in your account.
Market skepticism hanging on, even as equities continue to rally
Hedge fund managers are taking long-term positions, but only with caution
Monday 01 January 2007 MW U.S. stocks end 2006 with best gains in three years
Monday 01 January 2007 Stocks look set to build on gains from last year
Stock markets look set for more positive action this week with investors set to build on the strong double-digit gains from 2006 in Canada and the United States.
2006
 Stephen S. Poloz VP EDC Economics Weekly Commentary
Market Action Symptomatic of Rising Global Risks - June 14, 2006
It’s never a good sign when stock markets make the front pages day after day. When stocks are going up daily, shattering old records, the feeling of bliss is tarnished by a growing worry that all is not quite right. In contrast, when stocks are plunging, well, people are just plain worried. Past issues | his WN page
Saturday Oct 29, 2005 A new investment guru
At home, while reading a child's edition of Rudyard Kipling's Captain's Courageous with David, my third-grader son, I noticed an incident that seems quite relevant to investing. One character, the captain of a fishing schooner, is a genius at finding fertile fishing locations. Because rivals know how smart he is, they always follow him and fish close by. One night, noticing how the crowd was cutting into the quality and quantity of his catch, the captain ordered his crew to quietly slip away when the fog was most dense, and head to a fertile spot elsewhere that the crowd didn't know about. He knew they'd find him eventually, at which time he'd sneak off again and go someplace else. I have no idea if Kipling himself invested, but if that captain were a real person and alive today, he'd probably be a big-time stock-market winner. Full Article
Monday 23 April 2007 BCE(BCE)$39.75 – HOW DO YOU JUSTIFY A $40 BCE? RATING: UNDERPERFORM. TARGET: $36.00 (WAS $30.00). RISK RATING: LOW. INDUSTRY RATING: MARKET WEIGHT.
With the supposed pension fund frenzy to own these assets, BCE’s board had no choice but to start a formal auction process last week. The chance of a deal is now clearly high and with multiple bidders, the chance of a TELUS deal also increases. Valuation remains our major challenge as a privatization only makes sense at $35 or below for the average investor. Large pension funds sometimes act differently than average investors. The recent Telesat sale tells us that some pension funds are willing to accept much lower returns for a given risk profile than the industry’s published hurdle rates and certainly lower than the average investor. In our view, a single-digit IRR assumption must be made to justify a $40 take-out price. Our analysis suggests that if BCE were to add $9 bln in debt, it could potentially maintain its investment grade credit rating, buy back 45% of its outstanding shares and in the process improve free cash flow per share by roughly $0.40. The debt rating matters, since BCE has $5 billion in debt and preferred shares maturing over the next four years. If we capitalize the $0.40 annual free cash gain at 7.0%, then it is worth $5-$6 in value to the stock – but does not support the current price. We have maintained a strategy of going underweight BCE and overweight TELUS and/or Rogers as BCE’s stock continues to climb on speculation. If BCE gets taken out at $40+, then TELUS will continue benefiting from speculation, while Rogers will face a much weaker competitor. If no takeout, you’re clearly better off with Rogers than TELUS.
Monday Apr 23, 2007 BCE in Play
The possible scenarios
Thursday 19 April 2007 BCE bidding war gets sticky
CEO Michael Sabia may have opened up telecom giant BCE Inc. to a lengthy bidding
war between Canada's biggest pension funds, but criticism of the potential role of powerful U.S. private equity funds is mounting.
Jock McBile shares his thoughts on the stock market, Canadian dollar, teenagers arrested for counterfeiting, and Heather Reisman.
You can't beat the market, Nobel laureate advises | MSFT
 
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