Anodyne
Friday, October 10, 2008
 
Through the open door:

LADY SKID [to GUY SKID, viz. guy cycling past]: I've seen him down at Wreck! What a wang he's got on him!
 

Anodyne Inc.

Purchase:

Parkland Income Fund (PKI.UN): 213 units @ $6.33/unit = $1348.29
Transaction charge: $25

Unit balance, 4114 units.
Cash balance, $5.36

And some food for thought, courtesy Dave Leonhardt:

"How cheap are stocks?

By one important measure, they’re cheaper than they have been since 1985. They’re 20 percent less expensive than they have been, on average, over the past 100 years. And yet they still may have a ways to fall."
Thursday, October 09, 2008
 

 
Today's soundtrack (and tonight's live show): Chad VanGaalen, Red Hot Drops
 

South Wellington's Appraisal of Anodyne, Inc.'s Recent Performance

"$100,000 CDN in gold Oct '06 worth about $166,000 in March. Left in a sock drawer..."
Wednesday, October 08, 2008
 

The NYT's Tom Friedman has some pretty simple questions for Sarah Barracuda:

"Palin defended the government’s $700 billion rescue plan. She defended the surge in Iraq, where her own son is now serving. She defended sending more troops to Afghanistan. And yet, at the same time, she declared that Americans who pay their fair share of taxes to support all those government-led endeavors should not be considered patriotic.

I only wish she had been asked: 'Governor Palin, if paying taxes is not considered patriotic in your neighborhood, who is going to pay for the body armor that will protect your son in Iraq? Who is going to pay for the bailout you endorsed? If it isn’t from tax revenues, there are only two ways to pay for those big projects — printing more money or borrowing more money. Do you think borrowing money from China is more patriotic than raising it in taxes from Americans?' That is not putting America first. That is selling America first.

Sorry, I grew up in a very middle-class family in a very middle-class suburb of Minneapolis, and my parents taught me that paying taxes, while certainly no fun, was how we paid for the police and the Army, our public universities and local schools, scientific research and Medicare for the elderly. No one said it better than Justice Oliver Wendell Holmes: 'I like paying taxes. With them I buy civilization.'"
 
Some foreign power, some group of terrorists.

(Classic Bomb Squad production, c. 1990)
 

Anodyne, Inc.

"Bloody but unbowed."

Various distributions, dividends and miscellaneous housekeeping:

Current portfolio:

Dominion Citrus Income Fund (DOM.UN): 12,346 units
E-L Financial Corporation (ELF): 7 shares
Hart Stores (HIS): 1769 shares
Loblaw Companies (L): 217 shares
Norbord, Inc. (NBD): 1820 shares
North West Company Fund (NWF.UN): 600 units
Parkland Income Fund (PKI.UN): 3901 units
TerraVest Income Fund (TI.UN): 1109 units
Amerigo Resources, Inc. (ARG): 1895 shares

Distributions and dividends:

Loblaw Companies (L): 217 shares x .21/share = $45.57 (1 Oct)
Norbord, Inc. (NBD): 1820 shares x .10/share = $182.00 (21 Sept)
Parkland Income Fund (PKI.UN): 3901 units x .105/unit = $819.22 (15 Aug, 15 Sept)
TerraVest Income Fund (TI.UN): 1109 units x .055/unit = $121.98 (15 Aug, 15 Sept)
Amerigo Resources (ARG): 1895 shares x .065/share = $123.18 (5 Sept)

Cash balance, $1378.65

Just for interest's sake, the portfolio was worth $100,000 CDN on October 25th, 2006, and is worth $61,193.71 today. In comparison, $100,000 invested in the S&P/TSX Composite index on the same date would now be worth $81,482.70. Did I mention this stuff isn't for the faint of heart? Repeat after me: "I will grade my performance (as should you) over a three to five year horizon. Over shorter periods of time, the portfolio may fluctuate in value, sometimes impressively. These short-term variations don't bother me, and they shouldn't bother you, either."
 

Owl and Pussycats Run From Thunder, Mount Crickmer
[Trip report and photograph posted to Clubtread.com]

Endless logging road.
Hard rain. Hail-storm. Thunder's roar.
Wet owl, cats retreat.

Video grab courtesy Mad Owl Woman. Nb. torrential driving rain and hail, several hours from the car. Not illustrated: thunder and lightning bursting all around, which encouraged us to stop just short of the flat, open summit, where we would have been the tallest things for miles.
Monday, October 06, 2008
 

Should I Join the Market's Panic?

Ask yourself the following questions:

1. Have the operating results (as opposed to the share prices) of the businesses I own changed dramatically?

2. Do I need money today? (As opposed to, say, in thirty to fifty years).

3. Is the best time to buy an asset I plan to hold for the long-term (eg., a car; a house; a transparency mounted in a lightbox; a share in a business) when it is fully priced, or when it goes on sale?

If you can answer these questions to your own satisfaction, turn off CNN and Google Finance and go for a walk. Vancouver smells crisp and wet and clean today, and not like panic at all.
Sunday, October 05, 2008
 
New hour-long Buffett interview with Charlie Rose.
 

A photograph I wish I'd made. Found here.

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