Hello
The energy markets have been quite strong, and we start with a BNN interview with Eric Nuttall.…and still the only energy focused mutual fund manager.
David Rosenberg and I agree that our domestic markets are getting too cheap, and he thinks it is time to move some money from the US to Canada.
There are some things I cannot make up, as these building efficiency mandates are stopping many housing projects and making the costs of a home even more unaffordable to most.
The Fraser Institute look at just how expensive these moves are and I agree that many of these virtue-signaling moves have gone way too far.
A brilliant interview with Robert Friedland on Smarter Markets is included. He believes we must use some of the incredible new technologies to help the mining sector. He also stresses that these technologies need to focus not on weaponry and more on helping find mine more metals. His favorite book to read is Vaclav Smil’s. “How the World Really Works”
He also says that wind and solar power are a joke if we do not have proper storage in the grid. He does not like lithium batteries and has other ideas to do it better and safer like vanadium.
He calls the “Inflation Reduction Act the Inflation Creation Act” and believes we have collectively work together.
Doomberg looks at COP28 and meetings in general. They also highlighted this:
Over the past few decades, an explosion of “mandatory” jobs that contribute little to the creation of tangible products or services—in other words, to productivity—have invaded large companies like a cancer. Joye points to the big banks, which have seen a massive increase in “compliance departments, risk departments, legal departments, government affairs departments, ESG departments, [and] human resources departments,” leading to the inevitable result that “we are producing similar products with many more people.”
Peter Zeihan’s analysis of our immigration program was interesting and the one-page message from a prominent businessperson was quite the statement. Cities are dealing with so many crime issues and Mr. Caldwell’s statement is important.
Sweden tends to know what is best for the kids and I hope other countries follow their lead at schools.
That ‘Kiss’ after the Women’s FIFA has got a lot of media coverage and the unabashed Heather Mac Donald gives her take.
With the need for courageous and humble leadership, this overdue movie about Nicholas Winton is the inspiration the world needs. Sir Anthony Hopkins was selected to play this true hero.
Have a great weekend.
David and Amy
Number 1 - We've never consumed more oil in history than we have today: Eric Nuttall
Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, joins BNN Bloomberg to discuss outlook for oil as Saudi Arabia and Russia extend production cuts.
Number 2 - Rosenberg :Why now’s the time for investors to buy Canada.
A positive technical divergence among reasons investors should take profits form the expensive US market and shift north
https://financialpost.com/investing/david-rosenberg-buy-canada-stocks
‘All in, after a blistering rally in U.S. stocks since the beginning of the year, we feel (and Strategizer agrees) that prices have gone too far, too fast beyond what the fundamental outlook should dictate. The TSX, on the other hand, has had the other problem: overlooked by investors given its high value/cyclical exposures and the troubles the indebted Canadian economy faces from rising rates, slowing growth and a slump in commodity prices.’
Number 3 - Fraser Institute - Building Efficiency Mandates
‘A shocking new study published by the Fraser Institute this week finds that the cost of a newly constructed home in Canada will increase by $55,000, on average, by 2030 as a result of the federal government’s stricter energy efficiency regulations for buildings. What’s more, these regulations will only reduce Canada’s total emissions by 0.9%.
That’s not a typo – it’s less than one per cent.
The increased home costs range from a high of $78,093 in British Columba to $22,144 in New Brunswick.
See more provincial breakdowns attached and be sure to spread this news on social media.’
Number 4 - Robert Friedland, Founder and Executive Chairman, Ivanhoe Mines
“We can’t take the risk of not reorganizing the entire supply chain.”
http://www.smartermarketspod.com/the-september-sessions-episode-1-robert-friedland/
This week, they kick off their new series, The September Sessions, where they focus on the work required to make the energy transition a reality. Their first guest is Robert Friedland, Founder and Executive Co-Chairman of Ivanhoe Mines. SmarterMarkets™ host David Greely welcomes Robert back into the studio to discuss the realities of what it takes to produce the minerals and metals we need to change our energy systems.
Number 7 - 'Shame on all of you': Prominent Toronto businessman decries city's decline into violence - National Post
(Thomas Caldwell puts out a full-page message)
Number 9 - Heather Mac Donald - A Kiss is Just a Kiss
https://quillette.com/2023/09/11/a-kiss-is-just-a-kiss/
Long after an American or a Brit would have caved, Rubiales stood up for a world that is all but gone. Even he, however, could not hold out. “After my swift suspension by FIFA, and the rest of the cases building against me, it is clear that I cannot return to the post,” he announced on Sunday. In the successor world to the one that Rubiales was defending, spite and vengeance have replaced perspective and understanding. That is not a world in which anyone should want to live.
Number 10 - ONE LIFE Trailer (2023) Anthony Hopkins
https://www.youtube.com/watch?v=bfHOiHuKnhk
One Life is a 2023 biographical film of British humanitarian Nicholas Winton, starring Anthony Hopkins and Johnny Flynn as Winton. Winton helped groups of Jewish children in German-occupied Czechoslovakia to hide and flee in 1938–39, just before the beginning of the war.
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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