August 28, 2016

On Friday, the S&P 500 was down 0.2% while Toronto was up 0.1%.

Our biggest gainer was Bank of America up 1.7%.

Toll Brothers was down 1.6%. I have confidence that the continued improvement in the U.S. housing market and Toll’s earnings over time will push this stock price up.

This week we will have the last of the big 5 banks reporting and also some smaller banks including Canadian Western Bank.

Regarding Element Financial, I have been trying to get the company to explain its income tax situation to me. They have not been able to do so. For that reason and my general lack of respect for its management, due to their aggressive view of adjusted earnings, I sold most of my shares last week. Its rated Speculative Buy. In this case I decided against speculating.