September 21, 2015

S&P 500 up 0.5% and Toronto up 1.0%.

Gainers included CNR up 2.7%, Canadian Western Bank up 1.5%, Canadian Tire up 1.8% and Element Financial up 2.9%.

Boston Pizza Royalties was down slightly and I believe it represents excellent value at its price of not much over $17. It yields 7.5% and the cash distribution is likely to rise slowly over time. At its current price I believe it represents a good yield investment and should also provide a capital gain. Certainly I did not expect it to fall in price to this level but the only sensible reaction to that as far as I am concerned is to take advantage of the lower price if possible.