Hello
As there is enough out there about CSIS and the PMO, I will focus on other things in this week’s top ten.
The BC Budget was tabled, and Andrew Duffy and Led Leyne of the TC summarizes the budget. What was not mentioned was anything to do with LNG and that was a topic of ARC’s podcast with Stewart Muir.
The people at G&R are brilliant and they address the issues and ramifications of shale production peaking (full report attached).
An interesting news item is the CEO of Vanguard pushing back on the ESG narrative. Vanguard is the second largest ETF firm, and this has huge ramifications.
Berkshire’s annual meeting took place, and we highlighted a couple articles about their outlook and opinions. Billionaire investor, Warren Buffett, on Saturday signaled he has lost none of his enduring confidence in the U.S. economy and his company Berkshire Hathaway Inc. In his annual letter to Berkshire shareholders, the 92-year-old Buffett urged investors to focus on the big picture over the long term, rather than higher inflation and other factors that in 2022 dampened stock prices, though not Berkshire’s. He also urged Americans not to be convulsed by “self-criticism and self-doubt,” saying the country’s dynamism has benefited Berkshire in his 58 years running the company from Omaha, Nebraska, and will do so after he passes the reins. “We count on the American Tailwind and, though it has been becalmed from time to time, its propelling force has always returned,” Buffett wrote. “I have yet to see a time when it made sense to make a long-term bet against America. And I doubt very much that any reader of this letter will have a different experience in the future.”
William White is brilliant, and he wades in on this inflation story. Smarter Markets had a great guest on who tackled the carbon issues that so many are currently working on.
The TC had a piece on the provincial government’s move to allow workers to work from home. The debate on this will continue but I really feel that the productivity inefficiencies are so profound. Case in point, the Passport Canada fiasco, where so many have felt the pain involving such a high-profile department.
Then the RBC CEO provided this: Remote work is hurting productivity and innovation, says RBC CEO
https://www.theglobeandmail.com/business/article-rbc-remote-work-challenges-ceo/
CNBC has a piece on the commonalty of the success of 233 separate millionaires. (check it out)
We aspire to have the gift of a life so long— as you read through these Centenarians’ recipes for longevity (attached) the positiveness of their outlook on life is what impresses as ’the secret sauce’. Their collective follow-on: do-what-you-love, be kind, keep moving mentally and physically, have a sense of humour, experience the world, love and be loved.
Fame or money is absent in their shared wisdoms.
Have a great weekend and I think we are finally done with the snow…maybe.
David
Number 1 - Budget includes spending on housing, health and to cushion rising cost of living
The budget includes $6.4 billion in health-care spending over the next three years, $4.2 billion in housing initiatives and $4.5 billion in measures to deal with the rising cost of living.
https://www.timescolonist.com/opinion/les-leyne-budget-braces-for-looming-downturn-6628229
Number 2 – The Future of LNG in British Columbia
Produced by ARC Energy Research Institute | February 28, 2023
This week our guest is Stewart Muir, founder and CEO of Resource Works. Resource Works is a public-interest advocacy and communications not-for-profit based in Vancouver, British Columbia. Their mission is to reignite the promise of Canada’s economic future by leading respectful, inclusive and fact-based dialogue on natural resource development.
Here are some of the questions that Peter and Jackie asked Stewart: How have politics in B.C. changed with the new Premier, David Eby? How is LNG viewed in B.C. now? Is LNG considered as green energy and a way to reduce the use of coal in Asia? What do you think are the chances for the second phase of LNG Canada? What is the sentiment from Indigenous groups on resource development? Explain the Blueberry River First Nations agreement with the B.C. government and how it impacts industrial development in other areas of the province? Do you expect large scale CCS projects to be developed in Northeast B.C.?
https://www.arcenergyinstitute.com/the-future-of-lng-in-british-columbia/
Number 3 - G&R-The End of Abundant Energy: Shale Production and Hubbert’s Peak
Crude oil fundamentals are very tight and risk getting considerably tighter. Investors continue to starve energy companies of much-needed capital, the lifeblood of a solid supply base. Although the trend of lower spending has been in place for several years, our models tell us we are nearing a critical inflection point: the growth in shale oil production — the only source of non-OPEC+ production growth over the past two decades — may be coming to an end.
Few of us properly appreciate the importance of the shales. Not only were they the only source of incremental growth over the past decade, but they were also tremendous in absolute terms.
Number 4 - Vanguard’s CEO Bucks the ESG Orthodoxy
Tim Buckley pulls out of the Net Zero Managers initiative and affirms his fiduciary duty to clients.
“Our research indicates that ESG investing does not have any advantage over broad-based investing,” Mr. Buckley said in a recent interview with the Financial Times. Matching word to deed, his comments came after he had withdrawn his firm from the $59 trillion Net Zero Asset Managers initiative, an organization that is part of the $150 trillion United Nations-affiliated Glasgow Financial Alliance for Net Zero.
Mr. Buckley effectively claims that ESG managers are playing the fool and taking their clients’ money with them. Fewer than 1 in 7 active equity managers outperform the broad market in any five-year period. Over the past five years, not one relied exclusively on a net-zero investment methodology. Outperforming the market is even more difficult over longer time horizons—only 1 in 10 over 10 years, and 1 in 20 over 20 years, ever do.
Mr. Buckley also knows that Vanguard can’t promise to be a fiduciary to its clients while also committing to align its assets with the 2050 net-zero target. Signatories to such initiatives effectively commit to reducing their volume of investments in companies not aligned to the Paris Agreement without ever knowing how much of the global economy will be compliant or investable. In other words, being a member of a net-zero alliance requires clairvoyance—something Mr. Buckley, in good conscience, can’t promise.
Most important, Mr. Buckley understands that progress toward net-zero emissions doesn’t depend on how people invest: “Politicians and regulators have a central role to play in setting the ground rules to achieve a just transition.” Betting his clients’ money on politicians and regulators consistently doing the “right” thing would be irresponsible.
- Terrence Keeley, WSJ
Number 6 - A number of inflationary forces will remain in place for a long time – William White
William is an old boy from Kenora who worked for the BIS and CD Howe (among other places). Interesting interview….
I also attached his interview on themarket.ch
Number 7 - Smarter Markets
https://www.smartermarkets.media/carbon-frontiers-episode-2-peter-fusaro/
Peter Fusaro, Founder, Wall Street Green Summit and Founder & Chairman, Global Change Associates
“How do you reduce a 38 billion metric ton carbon footprint for the planet? The only way to get there is technology and capital.”
Number 8 - Work-from-home could have 'catastrophic' effect on Victoria economy: business groups
Provincial government is decentralizing its workforce.
Number 9 - I spent 5 years interviewing 233 millionaires—here's the No. 1 career move that made them rich
Work was a big topic: 51% were entrepreneurs, 28% had traditional 9-to-5 jobs, and 18% were senior-level executives at large companies.
But they all had one thing in common: They quit their mid- to late-career jobs, saying they felt it was the only way they could truly succeed and build wealth. Some left to start their own businesses, while others found lateral roles that offered more growth opportunities and a higher salary.
Number 10 - ‘Keep your eye open-and leap into the future’ 100 Centenarians’ 100 tips for a life well lived
What’s the secret to making it into triple figures? Never stay stuck in the past, keep a diary … and dance while you still can
https://www.theguardian.com/science/2023/feb/18/100-centenarians-100-tips-for-a-life-well-lived
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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