The Dow was down 1.5% on Friday and Toronto was down 0.4%. But our stock picks held up quite well. We did have Microsoft down 2.9%, but we also had Toll Brothers up 1.1% and Canadian Tire and Melcor unchanged. And given the big drop in the Canadian dollar on Friday and also Thursday, I think it turned out to be a very good week for our stock picks as measured in Canadian dollars. (But not when measured in U.S. dollars). Next week we should begin to get the Canadian companies reporting Q3 results. CN is usually among the first Canadian companies to report.
I notice the outrage of the Bell Canada CEO, George Cope over the disallowance of the Astral media take-over. He said Bell could not have done anything differently. Really? In fact it appears they bungled their application to the regulator and it appears they suffered from kind of group think. Now they are appealing to the federal cabinet. Good luck with that. I am no fan of the CRTC but I don’t exactly feel outraged by this decision.