Helping you make wiser investment decisions

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A Framework to Drive ESG Financial Discipline

Environmental, social, and governance (ESG) factors have become central tenets in the capital allocation process for both the providers of capital, or investors, and the users of capital, or corporations. While initial rounds of ESG investment have largely received undiscerning praise from stockholders and stakeholders alike, most organizations fail to articulate the value proposition of […]

Magellan Midstream Divests its Independent Terminals for $435M; Shares Jump 2.9%

Shares of Magellan Midstream Partners (MMP) gained 2.9% after the company inked a deal to sell its independent terminals network to Buckeye Partners for $435 million. Magellan Midstream Partners is a publicly-traded company that primarily transports, stores, and distributes refined petroleum products and crude oil. It has access to nearly 50% of the refining capacity in […]

Making sense of the markets this week: June 14

A look at emerging markets, on the other side of the pandemic Emerging markets can be a wonderful portfolio diversifier for Canadian investors. You might consider the equity ETFs and the fixed-income side as well.  In this space, I’ve suggested investors give emerging markets a look on many occasions, including that post from November of […]

Book Review: Corporate Governance and Responsible Investment in Private Equity

Corporate Governance and Responsible Investment in Private Equity. 2021. Simon Witney. Cambridge University Press (International Corporate Law and Financial Market Regulation Series). Private equity as an investment class is older than many of those reading this review. It is a faster-growing part of the investment universe than publicly listed companies, which are decreasing in number. […]

Trulieve Cannabis Completes Acquisition of Solevo Wellness

Trulieve Cannabis (TRUL), the largest medical cannabis company in Florida, is expanding its operations in West Virginia. The cannabis company announced Wednesday it has completed the acquisition of Solevo Wellness West Virginia LLC and its three West Virginia dispensary permits. Trulieve paid C$650,000 for Solevo Wellness. Of this amount, C$150,000 was paid in cash and […]

The best instant approval credit cards in Canada

Best instant-approval credit cards in Canada Instant approval is available through a growing range of credit card providers, in a number of different categories. We’ve rounded up the best to help you choose the right instant-approval credit card for your needs. Card you can use instantly after approval  Canadian Tire Triangle Mastercard* The Canadian Tire […]

Institutional Portfolio Benchmarks: Slow Rabbits?

Accurate performance readings of public pension funds, endowments, and other institutional investors are critical to their trustees and stakeholders. Fund performance is usually evaluated by comparing the portfolio rate of return to that of an index-like benchmark. The following analysis reviews the benchmarking practices of US public pension funds and finds them wanting: In effect, […]

Making sense of the markets this week: June 7, 2021

The Longevity Pension Fund’s announcement set off a flurry of responses, with a mix of excitement, curiosity, confusion, and outright contempt and dismissal.  The fund uses an interesting and innovative structure. For a backgrounder on the offering, you might start with this wonderful 2018 post on MoneySense from Jonathan Chevreau: Why Ottawa needs to push […]

Scotiabank Celebrates World Environment Day by Accepting Applications for its Net Zero Research Fund

Bank of Nova Scotia (BNS), Canada’s third-largest bank, has announced it is accepting applications from academic institutions and think tanks for its Net Zero Research Fund until July 2nd. The C$1 million fund was launched earlier this year to advance research in support of a low-carbon economy. This initiative fits nicely with Scotiabank’s climate commitments. […]

Walgreens Completes Divestiture of Alliance Healthcare to AmerisourceBergen for $6.5B

Walgreens Boots Alliance, Inc. (WBA) completed the sale of its Alliance Healthcare businesses to AmerisourceBergen (ABC) for $6.5 billion in a cash and stock deal. Walgreens is a global leader in retail pharmacies, providing medicines and accessible high-quality care. The total consideration comprises $6.275 billion in cash after adjustments and 2 million shares of AmerisourceBergen. […]

Counting the Cost of Capital and Seeding Network-Based Accounting

Your potential alpha isn’t just where the map differs from the territory. It’s where the map differs from the territory and where other investors are misusing that map. Continuing in the wake of the previous memo, let’s examine the balance sheet. Counting the Whole Balance Sheet Equity and debt investors are the most common sources […]

Do I need flood insurance?

Does my house insurance already cover floods? “At this point in time, loss or damage caused by overland flooding is still excluded by default under most home insurance policies sold in Canada,” says Tirschler, adding that many Canadians still don’t need it.  For those who do, however, there are more insurers offering it than before.  […]