Hello
An investment theme top ten starts with an interview with one of the world’s best on commodities, Jeff Currie. Jeff was with Goldman for 27 years and provides an overview what he sees with oil, copper, and other commodities.
The always insightful Jeremey Grantham has some ideas and shared some concerns in a short interview. While David Rosenberg thinks the Bank of Canada will drop rates sooner than expected.
The brilliant people at Doomberg have their reasons why there is a ceiling for the price of oil. The article attached looks at a NGL Plant in the Middle East that could be duplicated elsewhere.
The Fraser Institute looks again Energy Sector competitiveness by state and province. The also highlighted the high debt levels being incurred in BC.
A story of the increased tax rates in Toronto may be indicative of what will be happening in other cities. A few weeks ago, I shared that story about taxes going up 39% in Osoyoos due to infrastructure issues being kicked down the road before it was too late.
Steve Saretsky looks at the real estate and mortgage market and I keep hearing it is cost prohibitive to start new projects now. I added a piece about Metro Vancouver construction costs soaring and it relates to a conversation I had with a leading real estate appraisal executive. My friend said that you need $1,200 a foot now for projects to make sense and there just is not the demand. He mentioned that many developers are looking outside of Canada for project opportunities and visa requirements as they see no business here. He said it is cheaper to buy assets than build in most areas and this housing situation with Ottawa’s immigration program will just get worse and worse. I was also reminded by my REIT analyst friend what happens when governments take over buying real estate assets and he pointed out to the many disasters in Toronto. There is chatter about BC buying REIT assets and my contacts just shakes his head.
A Victoria comic is now a regular on the 22 Minutes show and one of his specialties is Chris Wilson’s ability to impersonate Justin and Pierre. He will be busy over the next year.
The Daily Podcast had a segment before the CFB final on how College Football has changed. It looks like the Big Schools with the Big Donors will keep dominating for many years to come.
Have a great weekend and on the coast, we are finally getting some winter.
David
Number 1-Setting Course Episode 1 | Jeff Currie, Former Global Head of Commodities Research, Goldman Sachs-SmarterMarkets™
https://podcasts.apple.com/ca/podcast/smartermarkets/id1541404399?i=1000640741021
They kick off the new year with our new series, Setting Course, in which their guests will help orient us on what they see coming – and where we’ll be going in the new year.
For the first installment of Setting Course, they welcome back into the SmarterMarkets™ studio Jeff Currie, Former Global Head of Commodities Research at Goldman Sachs. Host David Greely sits down with Jeff to discuss his views on the big picture in commodities markets – and where he sees the opportunities and the challenges in the year ahead.
Number 2-``U.S. Economy Is In A Pretty Bad State...`` - Jeremy Grantham
https://www.youtube.com/watch?v=ywSYBcTapVA
Jeremy Grantham explains the stock market super bubble and shares his view on the world economy right now.
Number 4-Doomberg-Putting a Ceiling on the Equilibrium Price of Oil
At the end of 2009, the US Department of Energy reported that the country’s proven reserves of natural gas stood at 284 trillion cubic feet. Between 2010-2021, the US produced 354 trillion cubic feet of the stuff. Where did the estimate of proven natural gas reserves stand heading into 2022? “625 trillion cubic feet.”
Number 8-The Fate of the Housing Market-Steve Saretsky
http://The Fate of the Housing Market – by Steve Saretsky (substack.com)
Construction costs double for Metro Vancouver housing projects
Number 10-The Wild World of Money in College Football
https://podcasts.apple.com/ca/podcast/the-daily/id1200361736?i=1000640889553
Tonight, millions of Americans are expected to tune in to watch one of the biggest sports events of the year, college football’s national championship game. On the field, the game will be determined by the skill of the players and coaches, but behind the scenes, secretive groups of donors are wielding enormous influence over what fans will see. David A. Fahrenthold, an investigative reporter for The Times, discusses the shadowy industry upending college football, and how it has brought amateur athletics even closer to the world of professional sports.
We hope you found the Top Ten interesting this week, and are looking forward to another selection of articles, stories, and commentary next week. If you know of anyone else who would be interested in receiving our weekly note, please let me know.
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