Monday’s action saw the S&P 500 rise 0.5%. Toronto was up 0.3% despite a modest drop in oil prices.
Wells Fargo was up 2.2%.
I sold about two thirds of my Bombardier shares today. I kept the one third in the hopes of getting a higher price. In any case my position was small and was never going to make any material difference to my portfolio.
I am going to look at the financials for the Melcor REIT. This would be primarily to get a better understand of that component of Melcor Development’s business but I may also add the Melcor REIT to our list.
Speaking of REITs… one of the very first investments I ever bought was something called the Canadian Property Investors Trust. This was around 1982. It would have been a REIT before the term REIT was even invented I believe. They had properties in Alberta including the Fort Saskatchewan shopping mall. Oil prices had fallen hard due to the National Energy Program. They assured that they had leases in place and so all was good. But it was not and the Trust went bust albeit with some recovery of money. I only invested about $1400 and I may have got back about half that. It was probably a cheap education. I don’t think there is any sign of problems at the Melcor REIT. But it is wise to remember that bad things can happen and that leases can’t always protect a property owner. However, so far at least, Alberta’s problems in 2016 are no where close to the situation around 1981.