October 12, 2016

On Wednesday, the S&P 500 rose 0.1% while Toronto was up 0.5% and oil hung in just over $50.00.

TransForce was up 1.7% to $27.92. That’s a nice recovery from lows under $19 early this year. It’s a great company but I would not add to my position at this price. I’d probably trim if I held a lot of it.

The Wells Fargo CEO John Stumpf stepped down / retired today in the wake of the accounts opening scandal. He earlier gave up some $41 million in ¬†unvested options covering about the last four years and he will not receive a severance payment. I think he had to go because he missed this bad behavior and he handled the crisis badly. I think he is paying pretty dearly here in lost millions and lost reputation. But no punishment is ever enough for the critics. Already, there is a headline about him “walking away” with $137 million. Well that is money he earned in prior years and even counts his pension. It is sad to see people be so mean and vindictive as to suggest his pension should be taken away or all of his past earnings. ($41 million of which in fact he already gave up).