On Thursday, the S&P 500 was up 0.7% while Toronto was down 0.4%.
Apple was up 4.3%. Other than that no particularly noteworthy moves in the stocks on our list.
The new measures announced today for first time buyers of new homes and the enhanced RRSP home buyer loans should be positive for Melcor Developments. As I wrote to their CFO, if they can’t make a decent ROE this year (I said minimum 15% although that may be wishful thinking) then they are a lost cause. My suspicion is that they have a cost management problem. They also hold far too much land and I have asked them to do a projected cash flow analysis to determine the present value of each parcel of land in case the alternative to sell now is a better option. But they just seem to hold onto land. They also overpay their executives given the poor performance.
In other news Trump’s lawyers apparently are desperate to get at least one juror who will not vote guilty no matter what. In my mind they have charged him with too many things. Should have focused on a couple of key things like inciting a riot at the Capitol and the fake electors and attempt to not accept the election results. And also its crazy to be charging him regarding this Stormy Daniels thing almost 8 years later. It’s a crazy world. It’s amazing that the S&P 500 takes all this in stride.