On Monday, the S&P 500 edged up another 0.2% while Toronto as down 0.4%.
Bond yields were up moderately following the sharp drops last week.
RioCan was down 2.8% to $17.81. I looked at its Q3 results today and I think it is very well positioned. It is NOT fundamentally a high return business by nature. But it is low risk and provides a cash yield that will grow over time. I’m attracted to the 0.71 price to book value ratio. Its occupancy level is at a record high around 98%. It has been out of favor with investors and may continue to languish. But I think it is worth considering at about this price and certainly below this price. I prefer to own this in a non-taxable account given that the distributions do not qualify for the dividend tax credit.