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FEB 13, 2024

IT WAS THE BEST OF TIMES, IT WAS THE WORST OF TIMES - 2024 EDITION

BY KEITH THOMSON

“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair, we had everything before us, we had nothing before us, we were all going direct to heaven, we were all going direct the other way.”
Charles Dickens

Early each year it has been my tradition to share with my readers how our world is making tremendous..... 

JAN 24, 2024

WHAT WE BELIEVE - 2024 EDITION

BY KEITH THOMSON

“Recessions and bear markets are very easy to predict, except for the timing, cause, magnitude, duration, location, and policy response.”
Morgan Housel

It is both simple and genuinely compelling for me to be able to summarize the behaviour of North American equity markets, not only for the last calendar year but over the last two years..... 

DEC 21, 2023

A HOLIDAY TO REMEMBER

BY KEITH THOMSON

“Maybe Christmas, he thought, doesn’t come from a store. Maybe Christmas … perhaps … means a little bit more.”
Dr. Seuss

For the last decade it has been my tradition to close out the year by featuring an advert which I feel best captures the spirit of the holidays. Fortunately my 18 year-old daughter, Kiera, loves Christmas.... 

NOV 21, 2023

MY CRYSTAL BALL IS BROKEN

BY KEITH THOMSON

“People have always had this craving to have someone tell them the future. Long ago, kings would hire people to read sheep guts. There’s always been a market for people who pretend to know the future. Listening to today’s forecasters is just as crazy as when the king hired the guy to look at the sheep guts. It happens over and over and over.”
Charlie Munger

Recently, a client emailed me asking if I could draw on the wisdom of economists, money managers.... 

OCT 27, 2023

WHAT THE NEGRONI CAN TEACH US ABOUT INVESTING

BY KEITH THOMSON

“When confronted with multiple solutions to a problem, choose the simplest one.”
William of Occam (Occam’s razor or rule)

The Negroni cocktail is one of my favourite libations. Its three ingredients (gin, sweet vermouth, and Campari) make for a tasty combination of sweet and bitter, with the help of an orange garnish to smooth out of the latter. Not surprisingly there is a huge number of variations on this classic with the.... 

SEP 13, 2023

UNCHARITABLE

BY KEITH THOMSON

“You want to make $50 million dollars selling violent video games to kids, go for it. We'll put you on the cover of ‘Wired’ magazine. But you want to make half a million dollars trying to cure kids of malaria, and you're considered a parasite yourself.”
Dan Pallotta

"Charities spend too much on overhead!” ... we all hear this phrase often. It’s also continuously reinforced by media and sometimes, so much so, that it is.... 

JUL 24, 2023

REFLECTIONS ON THE LAST SIX MONTHS

BY KEITH THOMSON

“Benign neglect is the secret to long-term investing success. If you change your investment policy, you are likely to be wrong; if you change it with a sense of urgency, you’re guaranteed to be wrong." 
Charley Ellis

I'm even more delighted than usual to report to you at midyear on the events of the last six months, and on the further progress of our long-term plan. But first,.... 

JUN 15, 2023

IS THAT IT?

BY KEITH THOMSON

“Our capital markets are simply a relocation centre; they relocate the wealth from the impatient to the patient.” 
Warren Buffett

The S&P 500 index (made up of the 500 largest companies in the States) recently re-entered another bull market. Technically defined, that is a re-bound of 20% from.... 

MAY 16, 2023

MY WEEKEND WITH WARREN AND CHARLIE

BY KEITH THOMSON

“If you're not confused, you don't understand things very well.”  
Charlie Munger 
commenting on the state of the global economy

Earlier this month I was able to finally check off one of the items on my life “bucket list”, specifically, attending the Berkshire Hathaway Annual Meeting.... 

APR 15, 2023

PLEASE… JUST TELL ME WHEN IT WILL BE OVER!

BY KEITH THOMSON

“The stock market is a device for transferring money from the impatient to the patient.” 
Warren Buffett

The last time the market made an all-time high (as defined by the S&P 500) was on Monday, January 3rd, 2022. Put another way we have now being waiting 458 long days.... 

MAR 6, 2023

TIME TO FEED THE GOOSE

BY KEITH THOMSON

 "Taxes are our way of feeding the goose that lays the golden eggs of freedom, democracy and enterprise. Someone says, 'Well, the goose eats too much!’. That’s probably true. But better a fat goose than no goose at all." 
Jim Rohn

Please find below two CI Private Wealth tax resources which may assist you in dealing with your 2022 and 2023 tax reporting.... 

FEB 22, 2023

THE GRAND UNIFYING THEORY FOR SUCCESSFUL INVESTING

BY KEITH THOMSON

 "The single most important variable in your quest for equity investment success is also the only variable that you ultimately control: your own behavior."  
Nick Murray

Over the last few years I have found myself increasingly attracted to living a life based on the tenants of Stoicism.... 

JAN 16, 2023

WHAT WE BELIEVE

BY KEITH THOMSON

"Recessions and bear markets are very easy to predict, except for the timing, cause, magnitude, duration, location, and policy response."  
Morgan Housel

If you are a client reading this, I trust you are a long-term, goal-focused, plan-driven equity investor. We believe that lifetime investment success comes from acting continuously on our plan.... 

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This material is provided for general information and is subject to change without notice. Every effort has been made to compile this material from reliable sources however no warranty can be made as to its accuracy or completeness. This material is not intended to provide, and should not be construed as providing individual financial, investment, tax, legal or accounting advice. You should consult your professional advisor(s) prior to acting on the basis of the information herein. The views and opinions expressed herein are those of the author and do not necessarily represent the views or opinions of CI Private Wealth and its affiliated companies. CI Private Wealth is a division of CI Private Counsel LP.

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Keith

Thomson

    CIM®, MFA-P™

15 York Street, Second Floor,
Toronto, ON M5J 0A3

Phone: (416) 681-7152
Email: kthomson@ciprivatewealth.ca

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