February 26, 2018

Monday was another strong day in the markets with the S&P 500 up 1.2% and Toronto up 0.5%.

Canadian Western Bank was up 2.5%.

CN rail was up 2.2%.

Berkshire Hathaway was up 3.9% after releasing Q4 earnings and the annual letter and after Buffett appeared for three hours on CNBC’s Squak Box. He has made that very early morning appearance every year for about nine years on the Monday after the letter comes comes out. It is impressive that he has the energy to do that at 87. As always his memory was incredibly sharp and his knowledge encyclopedic.

The government of Alberta has announced that it will invest $1 billion in loans and grants to encourage the construction of bitumen upgrading refineries. It’s a bit ironic that it is an NDP government that is helping out private businesses this way. It is not quite as impressive as it first sounds since the money will be deployed over some eight years and won’t start for another year or so. Still, it should be positive for Alberta’s economy.

I am in the process of updating the breakdown of my personal portfolio. My cash position is down to 14%. As markets are rising I am tempted to see what positions I might want to trim to raise a bit more cash.