MARKET WATCH
There isn't too much to report in terms of the global markets, except that they rose over the last two weeks without much volatility. I can definitely get used to this kind of uneventful market movement.
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FEDERAL BUDGET 2019
The Canadian federal budget was released Tuesday. Although there weren't many sweeping changes, there were a few things to note.
Change in first-time homeowners plan: First-time homeowners can now utilize $35,000 from their RRSPs to purchase a home. The previous amount was $25,000.
Changes to Tax Free Savings Account (TFSA) Tax Liability: If investors
are determined to carry on a business in their TFSA through activities, such as, "day-trading," the accounts will be subject to income tax. We are unsure exactly what the threshold for "day-trading" is, but this should only apply to a small percentage of unusually active investors.
Budget deficits as far as the eye can see: The government originally projected budget deficits (borrowing due to spending more than is collected in taxes and revenue) would be eliminated in the near future. Not surprisingly, the deficit is expected to be $14.9 billion this year, and will increase to $19.4 billion next year. Although Canada is in decent fiscal shape, the more the government borrows, the higher the interest payments will be.
These interest payments ($25 billion in 2016/17) are funds that could be used to help those in need or lower taxes. Keep in mind that interest rates are still historically very low and our deficit will likely skyrocket when the next recession occurs.
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IN THE REVIEW QUEUE
12 Rules for Life: An Antidote to Chaos by Jordan Peterson:
Jordan Peterson is currently one of the most controversial academics on the planet. With that said, what follows are my thoughts on Peterson's book, not the person, his interviews, or public statements.
The actual 12 rules make a lot of sense to me and would probably help those who follow them-especially if their life is in disarray. Given the number and diversity of sources, it's evident that considerable research went into the book. I was left wanting to explore the works of authors, such as, Friedrich Neitzsche, Carl Jung, and
Aleksandr Solzhenitsyn
, to name a few. I also enjoyed that Peterson's writing style was often direct, yet folksy.
Upon finishing the book, I felt the pull to re-read some parts, and got the impression that Peterson genuinely wanted to help people and believed the 12 rules would help them live better lives.
That being said, 12 Rules is a long read. Too long, in my opinion. I don't mind a challenging book, but I don't enjoy when an author takes the long way to make a short point. The book would have benefited from a more effective edit.
Peterson repeatedly refers to ancient fictional stories and myths as important because they reflect fundamental truths about human nature. However, he then uses those same fictional stories to prove a point about human nature. This use of fiction as fact didn't sit well with me.
The book strongly criticises Communism and other ideologies with equality of outcome at their core. This opposition
felt close to paranoia. While I understand the nature of his concern - millions were tortured, imprisoned and killed (Russia, China & Vietnam) in the name of egalitarianism - I felt he unfairly paints those wanting to mandate equality of outcome as power-hungry and evil.
Although I enjoyed many parts of the book, given the degree to which it meanders and the liberties of logic that were taken, there are a number of other life-advice books I'd recommend first. Some of these books, and other resources are listed below.
Drive to Survive
on Netflix:
With the start of Formula 1 season last weekend, Netflix recently released a 10-part series on the 2018 season. As huge fans, my wife and I happily binge-watched it in a few nights. Even if you aren't a Formula 1 fan, you may find it fun to watch.
The trailer
will give you a good taste for the rest of the series.
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IN THE STACKS
The following two sections are a collection of resources that have made a m eaningful impact on my life over the years, along with my biggest takeaways.
Flourish
by Martin Seligman:
PERMA
is the single best framework for living a "flourishing" life that I've come across.
How to Fail at Almost Everything and Still Win Big
by Scott Adams:
Figure out what you want from life, determine the best strategies to achieve it, implement systems to make it easier on yourself, and work hard. You will likely fail along the way. Everyone does. But those who succeed learn, refine, and try again!
The Subtle Art of Not Giving a F*ck
by Mark Manson:
Life is short and precious. Why should you care what other people think about you, especially those you don't like or respect? This isn't to say you shouldn't care about anything, but you don't need to care about everything. Pick a small number of things, and really care about them.
The 6 Pillars of Self-Esteem
by Nathaniel Brandon:
Self-esteem is the reputation you have with yourself. These six pillars act as a guide to developing your self-esteem.
Wooden
by John Wooden:
Success is doing the best you can with what you have. And love and balance are the two most important words in the world.
The Last Lecture
by Randy Pausch:
Confidence comes from achieving what you never thought you could.
Poor Charlie's Almanack
:
Go to bed a little smarter every day. Learning the most important ideas from each field can help you become a better thinker. For example, take the concept of inversion-instead of trying to be brilliant, it's much easier to avoid being stupid
!
Principles
by Ray Dalio:
If you want to be a better thinker, surround yourself with smarter people than yourself. Don't try to be right, but try to find out what is right, and the best idea (idea meritocracy) should win.
Atomic Habits
by James Clear:
Habits will make a huge difference in your life. You can change or adjust your environment to work for you, rather than against you.
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ONLINE LEARNING
Farnam Street
:
The best collections of mental models and methods for wisdom I've found in one place. The
Knowledge Project
podcast is also one of the best podcasts out there.
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THOUGHT-PROVOKING QUOTES
"Who you are is defined by what you're willing to struggle for." - Mark Manson
"Play iterated games. All the returns in life, whether in wealth, relationships, or knowledge, come from compound interest." - Naval Ravikant
"It's not what we don't know that gets us in trouble. It's what we know for sure that just ain't so." - Mark Twain
"Always place your becoming above your current being." - Jordan Peterson
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REMEMBERING VICTIMS OF CHRISTCHURCH
-
The first burials of the victims of the Mosque shooting
were held this week
in Christchurch, five days after the attacks in which 50 people were killed.
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