MARKET NEWS
Although it's good to see markets strengthening slightly over the last two weeks, concern over tariffs remains. There was hope the situation would improve with the approach of last weekend's G7 summit in Quebec. However, given reports and
pictures from the summit, this was not the case. In fact, as you may have noticed, tensions have only worsened over the last few days.
What a nutty world we live in when Canada is the Trump administration's Public Enemy #1, while the president touts
his special bond with North Korean dictator Kim Jong Un.
Thank goodness everything has been stable in Canadian provincial politics...
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ONTARIO VOTES FOR CHANGE
After four improbable terms, the province of Ontario voted the Liberal party out of power last week. The benefactors of said removal were the Progressive Conservatives and their controversial leader Doug Ford who won decisively. The left leaning NDP will be the new official opposition leaving the Liberals, at seven seats, just shy of qualifying for official party status.
I found the election troubling on many levels. Among my concerns was that no party had anything resembling a plan to curb the province's ballooning debt. Ontario is expected to spend $12.5 billion dollars (8.2% of all revenues collected) on interest payments in the 2018-19 year. This money could have been better spent on policies, lowering taxes or, perish the thought, paying down the $312 billion of debt the province owes.
We are in a period of historically low interest rates and unemployment, both likely to worsen at some point in the future. Should that occur, the debt, and interest payments on the debt, will dramatically increase, further eroding the province's ability to improve the province and help Ontarians who need it!
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IN THE REVIEW QUEUE
Norse Mythology
by Neil Gaiman:
This is a nice collection of short stories based on Norse mythology. (Of course, I listened to it because the author, Neil Gaiman, reads it.)
How To Get Rich Without Getting Lucky
by Naval Ravikant:
The best thread I've seen on how to become financially successful! Given the depth of each short tweet, it rivals the advice you'd find in many books on the topic.
Money for nothing: the truth about universal basic income
by Carrie Arnold: Universal basic income----- the concept of providing everyone a livable income in lieu of social programs----- is becoming more popular with the left and right sides of the political spectrum. This article summarizes past and present trials around the world.
Canso's June Newsletter
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Another great newsletter from Canso. This issue's topics range from politics to global debt and rising interest rates.
How to Get Happy
by the Shift Happens Podcast:
A decade ago, I spent some time reading books and research on what makes people happy. This interview with Gillian Mandich was a nice review and summary of the field's findings.
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NOTABLE QUOTES
"The Norse myths are the myths of a chilly place, with long, long winter nights and endless summer days, myths of a people who did not entirely trust or even like their gods, although they respected and feared them."
- Neil Gaiman, Norse Mythology
"Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest."
- Naval Ravikant (How to Get Rich Without Getting Lucky)
"You're not going to get rich renting out your time. You must own equity - a piece of a business - to gain your financial freedom."
- Naval Ravikant (How to Get Rich Without Getting Lucky)
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IN MEMORY OF 
Over the last two weeks, Kate Spade and Anthony Bourdain both took their own lives. Tragically, suicide affects people worldwide, regardless of age, race, or gender. In Canada alone, it kills almost 11 people per day.
Our thoughts are with friends and families who have lost loved ones to suicide, and with those who continue to struggle with mental illness.
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The views of the author do not necessarily reflect those of Raymond James. This article is for information only. Raymond James Ltd. Member-Canadian Investor Protection Fund.
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