Ouch, markets took a drubbing today. Dow down 0.8%, S&P 500 down 1.1% and Toronto down a painful 2.1%.
Our stocks did not escape and almost all were down. Boston Pizza was one of the rare exceptions as it rose a bit more.
My recent purchases of Toll brothers yesterday and today were a bit pre-mature as I bought above the current price of $32.48m down . But that is what happens when one buys on the way down. If it is a good company buying on the way down tends to work out in the end.
I notice SNC Lavalin will hire an outsider as CFO. It’s rather pathetic that a company does not have the faith in its own staff to hire from within. Or the sense to have groomed a successor. This could get interesting though as an outsider will have no vested interest in protecting past accounting. Maybe he will come in with the perspective of an auditor and find more transactions that reek. The old refrain is that where there is one or a few cock roaches, there are many.
I don’t know what to make of the threat from North Korea. If they actually could strike North America with nuclear weapons (which I understand they say they can’t but which experts dispute) then I suppose we would have bigger things to worry about than our portfolios.
I would like to have some cash or buying power in case markets decline for whatever reason. But I don’t think I am prepared to do much if any more selling.